SOCA came into being yesterday, dubbed as the UK's own FBI. A more accurate simile would be Secret Police or Stazi.
The officers employed by SOCA have the same powers as police officers, immigration officers and customs officers. This means they have the power of arrest, the power to decide who can and cannot come out of the country, and the power to enter premises and sieze goods without a warrant. They also have the power to demand "intelligence" from banks, companies, etc. without a warrant.
They claim to be independent of the British government but their "strategic priorities" are set by the Home Secretary and the Chair, Director General and Non-Executive Directors of SOCA are also appointed by the Home Secretary. Their budget, allocated to them by the British government, is £457m for 2006/7. Very independent.
So they have all this power, they don't need warrants so don't have to justify themselves to a court and are immune from the Freedom of Information Act.