FCA Speech: Penalties, remediation, and our General Principles

Industry News | 13/02/20

Speakers: Mark Steward, Executive Director of Enforcement and Market Oversight
Event: FCA Investigations and Enforcement: A Guide to Managing Regulatory Action
Delivered: 12 February 2020
• The point of financial penalties is deterrence but this is not the point of enforcement which is about just outcomes. In 2019 we imposed financial penalties of over £310 million on firms that also paid or are paying over £231 million in restitution. Addressing both serious misconduct as well as its consequences ensures just outcomes.
• Most of the cases involving financial penalties have involved serious breaches of the General Principles. In these cases too little attention is paid to the General Principles in planning and organising what a firm is doing.
• Firms need to engage with the Principles when undertaking regulated activities.