Margaret Cole spoke at the Fraud Advisory Panel AGM. She looked at FSA’s strategy. She explained FSA focuses on prosecuting those who pose the greatest risk to markets and consumers and spoke of how FSA now uses its prosecution powers more than ever. FSA does not believe a purely civil approach is appropriate for serious financial crime. She stressed FSA’s principle that it will prosecute unless there is a good reason not to. She spoke particularly on FSA’s stance on insider dealing, market abuse and unauthorised business fraud.