FCA – a new approach to decision makers

Regulatory Updates | 30/11/21

The FCA published a policy statement in response to its consultation on move some decisions from the Regulatory Decisions Committee (RDC) to the FCA’s Authorisations, Supervision and Enforcement Divisions.

The FCA’s senior managers are now able to take decisions on the following:

  • a firm’s authorisation or an individual’s approval
  • action in straightforward cases to cancel a firm’s permissions and that action is contested
  • starting civil proceedings, such as seeking an injunction
  • starting criminal proceedings, such as a prosecution for insider dealing
  • using the FCA’s powers to vary or limit a firm’s permissions
  • using the FCA’s powers to impose requirements on a firm

More contentious cases will continue to be reviewed by the RDC, which is a committee of the FCA’s Board that operates separately from the regulator. Its members are drawn from business, consumer and financial services backgrounds.

The FCA will carry out a 6-month post-implementation review to assess the effectiveness of the reforms.

Source: FCA