The Government will bring forward the Digital Markets, Competition and Consumer Bill in this session of Parliament. The legislation includes measures that will considerably strengthen the UK's consumer protection framework, such as introducing civil fines for traders that infringe consumer protection law.

Furthermore, the Department funds the Citizens Advice consumer service, which provides advice on general consumer issues, online or by phone. They can provide help and information on consumer rights, how to find trusted traders, using Alternate Dispute Resolution, and making a claim in the court. They provide referrals to partner consumer organisations for additional help or enforcement, such as Trading Standards.

The Financial Conduct Authority (FCA) provides an overview of its enforcement activities in its enforcement annual performance reports. These reports, for the past five years, can be found on the following links:

2013/14

2014/15

2015/16

2016/17

2017/18

The Market Abuse Regulation (MAR) repeals the existing Market Abuse Directive with effect from 3 July 2016 and will have direct application in the UK. It is therefore necessary to make relevant changes to the UK’s existing domestic regime, which is set out primarily in the Financial Services and Markets Act 2000 and the Financial Conduct Authority (FCA) Handbook, to ensure that national law complies with MAR. The necessary changes are currently being considered by HM Treasury and the FCA.

In relation to record-keeping requirements, FCA rules require investment firms and credit institutionsto maintain orderlyrecords of theirbusiness, including all services and transactions undertaken by them. These mustbe sufficient to enable the FCAto monitor the firm's compliance with its regulatory requirements and retained for a period of at least five years. Therules alsoincludespecific requirements for firmstorecordtelephoneconversationsand electronic communications regarding client orders and dealing on own account. These must be retained for a period of at least six months.

The FCA supervises firms against therules, including on record keeping, as part of theirongoing supervisory work. The Financial Services and Markets Act 2000 permitsthe FCA to impose appropriate fines, which are not limited, for the contravention on a requirement imposed on them under the Act. The FCA are required to publisha policy statement setting outhow they determinethe appropriate level of financial penalty. This can be foundhere:https://www.handbook.fca.org.uk/handbook/DEPP/6/1.html?date=2015-10-27.

The EU Markets in Financial Instruments Directive (MiFID) introduced a harmonised framework for investor protection in the EU. The Government has supported a revised directive,MiFID II, which will replace itfrom 2017. MiFID IIintroducesmore detailed EU requirements on record keeping and an EU wide taping regime, aimed at strengthening investor protection and enhancing market integrity. This will also extend the period telephone conversations and electronic communications must be retained for to at least five years.​

The Financial Conduct Authority (FCA) announced on 20 March 2014 that it had taken enforcement action against an individual for the manipulation of a UK government bond in the run up to a Bank of England Quantitative Easing (QE) operation on 10 October 2011.

The FCA’s investigation found this was the action of one trader on one day, and there was no evidence of collusion with traders in other banks. The FCA acted following information initially referred to it by the Bank of England, demonstrating the benefits of the Bank working in close co-operation with the FCA.

The Bank thoroughly reviewed its processes at the time, in addition to its ongoing monitoring and examination of QE operations.

The Government is clear that misconduct in financial markets is unacceptable and takes all allegations of misconduct seriously. Any evidence relating to the potential manipulation of financial markets should be passed to the FCA.

The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks.

The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations.

The Government supports the update to the European market abuse framework. Strengthening the framework, and its application across Member States, is important to tackle market abuse effectively across the EU and ensure investor confidence.

The EU Market Abuse Regulation, which was adopted in April 2014, grants competent authorities considerable investigatory powers and will be directly applicable from July 2016.

The UK will not opt into the new EU Criminal Sanctions Market Abuse Directive (CSMAD) but instead update the domestic regime in order to retain flexibility in how it develops its regime in the future. The domestic regime will go at least as far as CSMAD.

In June 2014, the Chancellor announced the Fair & Effective Markets Review jointly led by HM Treasury, the Bank of England and the Financial Conduct Authority. The Review is focusing on the wholesale markets where the bulk of concerns about misconduct have arisen. The Government looks forward to the Review’s final recommendations in June 2015.

The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks.

The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations.

The Government supports the update to the European market abuse framework. Strengthening the framework, and its application across Member States, is important to tackle market abuse effectively across the EU and ensure investor confidence.

The EU Market Abuse Regulation, which was adopted in April 2014, grants competent authorities considerable investigatory powers and will be directly applicable from July 2016.

The UK will not opt into the new EU Criminal Sanctions Market Abuse Directive (CSMAD) but instead update the domestic regime in order to retain flexibility in how it develops its regime in the future. The domestic regime will go at least as far as CSMAD.

In June 2014, the Chancellor announced the Fair & Effective Markets Review jointly led by HM Treasury, the Bank of England and the Financial Conduct Authority. The Review is focusing on the wholesale markets where the bulk of concerns about misconduct have arisen. The Government looks forward to the Review’s final recommendations in June 2015.

The Financial Conduct Authority (FCA) is responsible for the investigation of possible misconduct and subsequent enforcement proceedings, including in relation to possible manipulation of benchmarks.

The FCA is operationally independent from Government and it would therefore not be appropriate to comment on any ongoing investigations.

The Government supports the update to the European market abuse framework. Strengthening the framework, and its application across Member States, is important to tackle market abuse effectively across the EU and ensure investor confidence.

The EU Market Abuse Regulation, which was adopted in April 2014, grants competent authorities considerable investigatory powers and will be directly applicable from July 2016.

The UK will not opt into the new EU Criminal Sanctions Market Abuse Directive (CSMAD) but instead update the domestic regime in order to retain flexibility in how it develops its regime in the future. The domestic regime will go at least as far as CSMAD.

In June 2014, the Chancellor announced the Fair & Effective Markets Review jointly led by HM Treasury, the Bank of England and the Financial Conduct Authority. The Review is focusing on the wholesale markets where the bulk of concerns about misconduct have arisen. The Government looks forward to the Review’s final recommendations in June 2015.

The Government takes allegations of market abuse very seriously. High frequency trading firms are authorised and supervised by the Financial Conduct Authority (FCA), and it is the responsibility of the FCA to investigate allegations of misconduct.