The FSA sees its investigation powers as essentially fact-finding powers. Consequently, it will ensure that its investigators use them primarily to obtain the information it needs in order to decide what further action, if any, may be necessary in a particular case.
In practice, investigators appointed under sections 167 (Appointment of persons to carry out general investigations), 168 (Appointment of persons to carry out investigations in particular cases) or 284 (Power to investigate) of the Act may not always deem it necessary to use their statutory powers. However, where they do so, they will at all times make this clear to those persons to whom their enquiries are addressed, and will inform those persons of the statutory requirements (see ENF 2.4) and the possible penalties for failure to comply. (See also ENF 2.14.3 G on compulsory interviews and ENF 2.15 on enforcement of requirements).
The FSA has power under section 170(7) to direct an investigator so that it can control:
Under section 170(8) a direction may, in particular:
Where the FSA has appointed an investigator in response to a request from an overseas regulator, it may under section 169(7) (Investigations etc. in support of overseasregulator) direct the investigator to allow a representative of that regulator to attend, and take part in, any interview conducted for the purposes of the investigation. However, the FSA may only use this power if it is satisfied that any information obtained by an overseas regulator as a result of the interview will be subject to safeguards equivalent to those in Part XXIII of the Act (Public Record, Disclosure of Information and Cooperation) (section 169(8)).
The factors that the FSA may take into account when deciding whether to make a section 169(7) interview direction include the following:
the complexity of the case;
the nature and sensitivity of the information sought;
the FSA's own interest in the case;
costs, where no Community obligation is involved, and the availability of resources; and
the availability of similar assistance to UK authorities in similar circumstances.