A freedom-of-information request, coupled with a table of investigative statistics derived from STORs, show that the UK's Financial Conduct Authority is hardly investigating any tip-offs by firms that suspect that insider dealing is in progress.

STORs are suspicious transaction and order reports. They replaced the old suspicious transaction reports when the European Union's Market Abuse Regulation came into force in July 2016. Exchange-facing private banks and other market operators did not have to report their suspicions about attempted market manipulation and attempted insider dealing before that date and the STOR regime also extended these surveillance rules to trading venues. The reporting of suspicions moved to the FCA’s Connect system online.

The insider dealing STOR figures for 2018 were: 498 in January; 572 in February; 576 in March; 458 in April; 408 in May; 498 in June; 490 in July; 326 in August; 251 in September; 354 in October; 363 in November; and 313 in December, making a total of 5,107.

There were, incidentally, 812 reports that suspected market manipulation and 7 'other.' The number of insider dealing STORs that the FCA received in 2017 was similar to that of 2018, coming to 4,829. There were 666 reports of market manipulation and no 'other.'

Meanwhile, a reply to a request for information made under the Freedom of Information Act 2000, dated 2 August 2018, states that in the financial year of 2016-17 the FCA opened 91 insider dealing investigations, of which 60 resulted in no further action being taken, one resulted in regulatory sanctions, none resulted in criminal charges and 30 were still in progress. In the financial year 2017-18, the regulator opened 61 insider dealing investigations, of which 35 resulted in no further action being taken, not one resulted in regulatory sanctions, not one resulted in criminal prosecution and 26 were still in progress.

Making allowances for slightly different time-frames, this means that about 1.2% of cases are investigated.