§ Lord Spens
ask Her Majesty's Government:
Whether prosecutions brought under Section 47 of the Financial Services Act 1986, as amended, are achieving the effect intended; what percentage of cases, under this section, have resulted in no conviction; and the estimated cost to central funds of these prosecutions.
The Minister of State, Department of Transport (The Earl of Caithness)
Active enforcement of the powers to conduct investigations and bring prosecutions deters breaches. Prosecutions under Section 47 of the Act are brought before the courts where there is a realistic prospect of securing a conviction and the public interest is in favour of a prosecution. The effectiveness of all the provisions in the Financial Services Act is kept under review.
The DTI, Serious Fraud Office (SFO), Crown Prosecution Service (CPS), and the Procurators Fiscal in Scotland have powers to bring prosecutions under Section 47 of the Financial Services Act 1986. The DTI and SFO have brought a total of six prosecutions under Section 47, two of which have resulted in acquittals. Information about the cost to central funds of the case in which this is relevant is not available as no claim has yet been lodged. Disaggregated figures do not exist showing cases brought by the CPS and the procurators fiscal.