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ARTICLE · 13 FEBRUARY 2017

Financial Conduct Authority And Prudential Regulation Authority Publish Final Changes To Enforcement Decision-Making Processes

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The FCA has already implemented some of the proposals it discussed in the course of consultation.

United KingdomFinance and Banking
Helen Marshall
Helen Marshall
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On 1 February 2017, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a policy statement which outlines the changes that will be made to the regulators' enforcement policies and processes ("Policy Statement").1 The FCA and the PRA have said that the changes are aimed at "strengthening the transparency and effectiveness of their enforcement decision-making processes."2

Key Changes

The FCA has already implemented some of the proposals it discussed in the course of consultation. For example:

  • Initial notice of investigation – When a decision to refer a matter to enforcement for investigation is made, the FCA will set out in writing (and give to the subject under investigation at the time a Memorandum of Appointment of Investigators is issued) a succinct summary of the potential breaches, an explanation of the matters giving rise to those breaches and an explanation of the criteria it has applied in coming to the

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