UK: the FSA's powers of prosecution

The Supreme Court gave its judgment today in R v Rollins [2010] UKSC 39. The case concerned the Financial Service Authority's powers of prosecution. It was argued that the FSA's power to prosecute criminal offences was limited to the offences referred to in Sections 401 and 402 of the Financial Services and Markets Act (2000) and that the FSA could not, therefore, prosecute other offences including those of money laundering contrary to Sections 327 and 328 of the Proceeds of Crime Act (2002). A unanimous Supreme Court rejected this argument. A summary of the court's judgment is available here (pdf).