Financial Conduct Authority
Two charged with insider dealing
The Financial Conduct Authority (FCA) has instituted criminal proceedings against Fabiana Abdel-Malek (date of birth 17/09/1982), a former compliance officer employed by UBS AG’s London Branch and Walid Anis Choucair (date of birth 04/03/1979) following a joint investigation with the National Crime Agency.
Ms Abdel-Malek and Mr Choucair have each been charged with five counts of insider dealing, contrary to Sections 52(2)(b) and 52(1) of the Criminal Justice Act 1993. The alleged insider dealing took place between 3 June 2013 and 19 June 2014. Ms Abdel-Malek and Mr Choucair appeared at City of London Magistrates’ Court on 16 June 2017, and are due to appear at Southwark Crown Court at a date in July to be confirmed for a Plea and Trial Preparation Hearing.
Insider dealing is a criminal offence punishable, on conviction, by a fine and/or up to 7 years’ imprisonment.
Notes to editors
- The Financial Services and Markets Act 2000 gives the FCA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- No assumption should be made at this stage that a criminal offence has been committed.
- To report market abuse to us or to speak to someone about it, please see our market abuse webpage.
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
Upper Tribunal upholds the Financial Conduct Authority’s decision to fine and ban Charles Palmer former CEO of adviser network10/08/2017 11:10:00
On 8 August 2017, the Upper Tribunal upheld the Financial Conduct Authority’s (FCA) decision to ban Charles Palmer, former CEO of Financial Limited and Investments Limited (“the Firms”), from performing FCA significant influence functions.
The FCA and the FCA Practitioner Panel publish the findings from their joint survey of industry views04/08/2017 10:25:00
The Financial Conduct Authority (FCA) and the FCA Practitioner Panel yesterday published the findings from their 2017 survey of FCA-regulated firms.
Financial Conduct Authority sets out agenda and priorities for consumer credit01/08/2017 09:10:00
The Financial Conduct Authority (FCA) yesterday published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap.
Lloyds Banking Group sets up redress scheme for mortgage arrears customers28/07/2017 09:10:00
Lloyds Banking Group (Lloyds) has agreed to set up a redress scheme for mortgage customers who incurred fees after they fell behind with their mortgage payments.