This case marks the first time that the FCA has obtained a permanent injunction and financial penalties in relation to market abuse.
The case also follows yesterday’s news that the FCA have publicly censured, but not fined, the Co-Op Bank for systems and controls failures – Co-op Bank spared fine but individuals remain under investigation, says FCA | Business | The Guardian.
The FCA is currently going through a period of change, with the departure of Martin Wheatley and the Director of Enforcement, Georginia Philipou continuing to be in an “acting” capacity.
Although the FCA continues to pursue the criminal prosecution of instances of insider dealing, it remains reluctant to use the criminal courts in other matters, despite a clear suggestion of dishonest conduct.