Three arrested over suspected insider dealing in joint FCA and NCA operation

Three people were arrested on 13 October in a joint operation by the Financial Conduct Authority (FCA) and the National Crime Agency (NCA) against a suspected organised criminal group. The FCA said the group is suspected of insider dealing and money laundering. The arrests followed searches at five homes in London and Manchester.

The case matters to anyone who buys shares or funds, because insider dealing undermines the fair pricing of markets. Steve Smart, the FCA’s executive director of enforcement and market oversight, said: “Insider dealing is a serious threat to the integrity of our markets.”

What the FCA criminal operation involved

More than 100 FCA and NCA staff took part in the searches at five residential premises, according to the FCA. FCA investigators seized more than 30 mobile phones, laptops and tablets. All three suspects are being interviewed by the FCA at police stations in London and Manchester.

The authorities have not named those arrested. According to London Daily News, they have also not set out any alleged trades, companies, dates, profits or route for laundering money. The FCA said it cannot comment further at this time but will provide more details when appropriate.

An arrest and an interview are procedural steps, not proof of guilt, and no charges have been announced. The operation brings together the FCA’s market-abuse enforcement and the NCA’s work on serious and organised crime. That does not mean every person arrested is suspected of every element of the group-level description.

FCA enforcement action: what the figures show

Alongside the announcement, the FCA pointed to its record for 2025/26. These totals cover many cases and are not outcomes of the current investigation.

A simple calculation shows the scale. Spread evenly, £1.77m across 12 people is about £147,500 each, and 11 years across two sentences averages 5.5 years. Both are only illustrations, because the FCA gave totals rather than individual penalties.

According to Financial Planning Today, the FCA also fined firms about £14.4m for transaction reporting failures and control weaknesses, and issued a £42m fine to Barclays for anti-money laundering failures.

What happens next

The immediate step is the interviews, which were under way when the FCA made its announcement. Investigators may also keep examining the material taken from the premises and the more than 30 devices, according to London Daily News. The public statements do not say what the searches yielded beyond the devices, whether charges are being considered, or when a decision might come.

The outcome could be charges, or no further action. Neither has been announced, and any later account should separate new evidence or formal decisions from the arrests themselves. The FCA has said fighting financial crime is a priority in its five-year strategy.

Nothing in the sources suggests that ordinary investors’ holdings are affected by this case. Anyone with information about insider dealing can call the FCA on 0800 111 6768 or use its reporting form, and information can be passed confidentially.

Your questions answered

What is insider dealing and why is it illegal?

Insider dealing generally means trading while in possession of inside information, or improperly disclosing it. According to Financial Planning Today, it breaches Article 14 of the UK Market Abuse Regulation. The FCA says it threatens the integrity of markets.

How does the FCA investigate insider trading?

In this case, the FCA worked with the NCA on searches of homes, seized phones, laptops and tablets, and interviewed suspects. The FCA also takes confidential tip-offs by phone and through an online form.

What are the penalties for insider dealing in the UK?

The sources do not give statutory maximums. In 2025/26, the FCA said, two insider dealing cases led to record sentences totalling 11 years, and 12 people were fined £1.77m in total for market abuse offences.