Is The FCA Flexing Its Muscles As Prosecutor?

Much has been written about the Financial Conduct Authority's (FCA) recent decision to commence criminal proceedings against NatWest plc for offences under the Money Laundering Regulations 2007 (MLR). However, as the FCA also started two insider dealing prosecutions in February, does this signal an increased willingness to flex its muscles as a criminal prosecutor, as opposed to dealing with misconduct in the areas for which it has responsibility through its civil regulatory regime? 

On 11 February, the FCA announced that it had charged Stuart Bayes and Jonathan Swann with various offences of insider dealing under the Criminal Justice Act 1993 (CJA) in respect of trading in shares in British Polythene Industries plc in 2016; the profit from the alleged insider dealing was just under £140,000 (the case has been listed for trial on 4 April 2022, neither defendant has been arraigned, and there will be a case management hearing on 10 September 2021).