The Financial Conduct Authority (“FCA”)  has been unsuccessful in its attempted prosecution of a former banker, Konstantin Vishnyak, for destroying documents relevant to an FCA investigation brought against him for suspected insider dealing offences. This marks the first time the FCA has exercised its powers in connection with a destruction of documents offence under section 177(3)(a) of the Financial Services and Markets Act 2000 (“FSMA”). Despite the outcome, it illustrates the risks for firms and individuals in using messaging systems such as WhatsApp.

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Kate Meakin
Kate Meakin
Partner
+44 20 7466 2169
Hywel Jenkins
Hywel Jenkins
Partner
+44 20 7466 2510
Jack Moore
Jack Moore
Associate
+44 20 7466 2992
Rebecca Heptonstall
Rebecca Heptonstall
Trainee Solicitor
+44 20 7466 2150