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 National Westminster Bank PLC ('NatWest') for offences under the Money Laundering Regulations 2007 ('MLR'). However, given that the FCA also started two insider dealing prosecutions in February 2021, does this signal an increased willingness on the part of the FCA to flex its muscles as a prosecutor in the criminal courts?

With an annual budget well in excess of half a billion pounds¹, and a wide range of criminal, civil and regulatory powers under a number of Acts of Parliament, the FCA is a core plank of the regulation of the United Kingdom's financial services sector, regulating nearly 60,000 businesses.² The FCA's Enforcement Division works in conjunction with its Authorisation, Supervision, Strategy and Competition Divisions, along with law enforcement and other regulators, and seeks to "identify and act early when enforcement action