HC Deb 03 July 1998 vol 315 cc329-30W
Mr. Gordon Prentice

To ask the Chancellor of the Exchequer if he will bring forward proposals to transfer responsibility for investigations of alleged insider dealing and decisions on prosecutions to the CPS. [48604]

Mrs. Liddell

The Director of Public Prosecutions, along with the DTI and the SFO, already has powers to take criminal prosecutions of insider dealing.

Mr. Gordon Prentice

To ask the Chancellor of the Exchequer what deficiencies he has identified in the operation of the law on insider dealing; and what further legislation he plans in this area. [48602]

Mrs. Liddell

Insider dealing legislation is kept under continuous review. As part of our planned reform of the financial regulatory system, we intend to bring forward proposals to give the Financial Services Authority powers to prosecute insider dealing. DTI, SFO and DPP will retain concurrent powers. In addition, as a complement to the criminal law, we intend to introduce a new civil fines regime which will allow the Financial Services Authority to impose fines on any person or firm who engages in market abuse, including misuse of inside information.