At an awareness session on the Settlement Procedure conducted by
the Financial Services Commission (the "Commission") on
the 12 April 2022, the Chief Executive of the Commission stressed
that the Settlement Committee is not a 'whitewashing'
instance and that settlement discussions might take place in
parallel with any investigation, inquiry or referral to the
Enforcement Committee which have already started.
This means that, if the Settlement Committee is not satisfied
with the representations of a licensee, the normal enforcement
process will be pursued potentially with harsher sanctions than
what would have been settled for.
The awareness session was aimed at shedding light on the
practical application by the Commission of its Settlement Framework
published, on 11 December 2020. The Settlement Framework sets out a
method and procedure under which timely and proportionate
enforcement outcomes can be achieved in suitable cases by engaging
with the settlement
