The Financial Conduct Authority has begun a criminal prosecution against a pair who have been accused of making more than £100,000 from insider dealing. 

Matthew and Nikolas West are jointly charged with conspiracy to deal in four stocks while having inside information.  

Matthew West, 43, has additionally been charged with insider dealing in relation to two stocks. He has been charged with disclosing to and encouraging Nikolas West to deal in two stocks.

Nikolas West, 45, has been charged with dealing in those same two stocks based on that insider information. 

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The alleged offending took place between 2016 and 2020. Matthew and Nikolas West made a profit of around £110,000, according to the regulator.

As their offences are alleged to predate 1 November 2021, when the maximum sentence available increased to 10 years, the insider dealing they are accused of is punishable by a fine and/or up to seven years’ imprisonment. 

The pair’s hearing took place at Westminster Magistrates Court on 3 October. Matthew and Nikolas West will appear at Southwark Crown Court on 31 October. 

No other information about the pair was released by the regulator.

Last week the FCA said it is changing its enforcement approach as it aims to act faster and with more transparency.

In 2023/24 FCA investigations took an average of 42 months to complete. The regulator said it has already made advances in shortening those timescales as it has been busy “raising the bar” on the fight against financial crime.

The regulator said there are 45 people currently facing FCA criminal proceeding, with offences including fraud, forgery, insider dealing and money laundering.

In February, three London-based men were arrested on suspicion of insider dealing, conspiracy to insider deal and money laundering linked to organised crime.

The joint operation between the FCA and the National Crime Agency saw 38 officers remove digital devices and search three London residential properties.