The Court of Appeal has confirmed FSA does not need consent of any Secretary of State or the DPP to bring a prosecution for alleged insider dealing. FSA's powers in FSMA allow it unfettered rights to bring these actions under the Criminal Justice Act 1993. The defendant had applied for judicial review of a magistrates' court hearing, arguing FSA did not have the power to bring the prosecution without consent. The Court of Appeal dismissed the application.
(Source: R (on the application of UBEROI & ANOR) (Claimants) v. WESTMINSTER MAGISTRATES' COURT (Defendant) & (3) FINANCIAL SERVICES AUTHORITY (4) TREASURY DEPARTMENT (Interested Parties) (2008))