FCA proposing changes to streamline decision making

Regulatory Updates | 03/08/21

The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. The proposals are intended to give greater responsibility for decisions to senior members of FCA staff close to the matters.

The consultation is proposing that certain decisions will now be made by FCA staff including:

  • imposing a requirement on a firm or varying its permissions by limiting or removing certain types of business;
  • making a final decision in relation to a firm’s application for authorisation or an individual’s approval that has been challenged;
  • making a final decision to cancel a firm’s permissions because a firm does not meet the FCA’s regulatory requirements;
  • the decision to start civil and/or criminal proceedings.

The RDC will continue to make decisions on contentious enforcement cases, where the FCA is proposing a disciplinary sanction or seeking to impose a prohibition order. The consultation closes on 17th September 2021. Following this consultation, the FCA will consider the feedback and aims to publish a Policy Statement in or around November 2021.

Source: FCA