Reference Case Number: FOI12127
Freedom of Information: Right to know request:
1. In the past four years, how many cases of Insider Trading have been examined here in the UK and how many have been successfully prosecuted?
2. How many staff members are currently working on Insider Trading issues?
3. Does your department liaise with the USA regulators on this subject?
FCA response:
Question 1
We have interpreted this question as relating to actions taken as a result of investigations in which investigators have been formally appointed under any of the relevant subsections of section 168 of the Financial Services and Markets Act 2000.
We can confirm that we hold the information you have requested, and this can be found in the below table which represents investigations opened between 1 January 2021 and 31 December 2024. Please note that a single investigation may look into more than one firm and/or individual at a time.
Please note that the speed of investigations and the length of time that an investigation may remain open will depend upon various factors, including:
- The level of cooperation from subjects of investigations, including legal cooperation
- The complexity of the issues under investigation
- The volume of data and evidence to be obtained and reviewed
- Whether the subject contests the allegation
- Delays in the justice system
| Status/Outcome of investigation | Count |
|---|---|
| Closed (No Further Action) | 12 |
| Open | 9 |
| Total | 21 |
Additionally, although opened prior to 1 January 2021, we have identified 2 investigations which related to insider trading and led to recent prosecutions. Information concerning these prosecutions can be found below:
Question 2
We do not have an exact recorded number of staff currently working on insider dealing issues, as this number fluctuates depending on the changing demands and priorities across the directorate. The majority of staff working on such matters are in our Enforcement and Market Oversight division (excluding legal). You can find the overall numbers on page 117 of our Annual Report 2023-24. Our Annual Report for 2024-25 will be published in the summer.
Additionally, while other areas of the FCA are not directly involved in the day-to-day handling of insider dealing issues, they do contribute to the broader work surrounding insider dealing. For example, our Policy department plays a key role in shaping the regulatory framework and addressing emerging issues in the financial markets. Another example is the significant role of our Wholesale Supervision department, which includes the oversight of market abuse systems and controls. This encompasses the prevention of insider dealing, as well as the scrutiny of firms' surveillance systems to ensure they are effective in detecting and preventing market abuse.
Question 3
We liaise with US regulators on issues relating to market abuse via an agreed Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) set out by the International Organization of Securities Commissions (IOSCO).
The MMOU is a statement of intent to consult, cooperate and exchange information in connection with the oversight of Firms that conduct financial services business in either, or both, the United States, and the United Kingdom, in a manner consistent with, and permitted by, the laws and requirements that govern the Authorities.
This press release also provides further details: The UK Financial Conduct Authority and the US Securities and Exchange Commission sign updated supervisory cooperation arrangements | FCA.