Financial crime in the financial services sector
Financial crime in the financial services sector

The following Corporate Crime guidance note provides comprehensive and up to date legal information covering:

  • Financial crime in the financial services sector
  • Criminal offences under the Financial Services and Markets Act 2000 (FSMA 2000)
  • Insider dealing
  • Criminal offences under the Financial Services Act 2012
  • Sentences
  • The general prohibition
  • Financial promotion restriction
  • Statutory defences
  • Regulatory guidance from the FCA

The Financial Services and Markets Act 2000 (FSMA 2000) creates a range of criminal and civil/regulatory offences. For further information on civil/regulatory breaches and proceedings generally, see Practice Notes: Unauthorised business and the approach to enforcement—civil proceedings, Unauthorised business—legal and regulatory framework, Carrying on unauthorised business and breaching the general prohibition.

For guidance on the civil/regulatory market abuse regime and the implementation of the Market Abuse Regulation (EU) 596/2014, see Practice Notes: Market abuse—pre-Market Abuse Regulation, Market Abuse Regulation (MAR)—essentials, Market Abuse Regulation (MAR)—timeline and Market Abuse Regulation (MAR)—one minute guide.

For an overview of the criminal regime existing in Europe (outside of the UK) under Directive 2014/57/EU on criminal sanctions for market abuse, see Practice Note: Directive 2014/57/EU on criminal sanctions for market abuse.

Criminal offences under the Financial Services and Markets Act 2000 (FSMA 2000)

FSMA 2000, s 401 (proceedings for offences) makes provision for proceedings to be brought by an appropriate regulator in relation to various criminal offences which can be committed by individuals or by companies or their officers (where FSMA 2000, s 400 applies) under the FSMA 2000, subordinate legislation and Part 7 of the Financial Services Act 2012 (FSA 2012) (offences relating to financial services).

Appropriate regulators may also bring proceedings for insider dealing, money laundering and terrorism offences. For more information on this, see Practice Note: The