Q&As
Under what provisions and on what basis can the Financial Conduct Authority prosecute offences under the Fraud Act 2006?
The financial conduct authority (fca) was established by section 6 of the Financial Services Act 2012 (FSA 2012), which amended section 1 of the Financial Services and Markets Act 2000 (FSMA 2000) and replaced the Financial Services authority as a regulator.
FSMA 2000, s 401(2) provides that offences under FSMA 2000, or subordinate legislation made under FSMA 2000, or an offence under FSA 2012, Pt 7 (offences relating to financial services) may only be instituted by the ‘appropriate regulator’ or the Secretary of State, or otherwise with the consent of the Director of Public Prosecutions.
FSMA 2000, s 401(3B) provides that the FCA is the ‘appropriate regulator’ in relation to prosecuting the following offences under that Act (the Prudential Regulation Authority and the Bank of England are the appropriate regulators in relation to other offences under FSMA 2000):
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FSMA 2000, s 23(1)—contravention of the general prohibition on carrying out, or purporting to carry out, regulated activities
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