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ARTICLE · 11 JUNE 2018

The FCA's Enforcement Mission

Mishcon de Reya LLP
Mishcon de Reya LLP
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Mishcon de Reya LLP

Mishcon de Reya LLP

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The FCA says that its overriding approach to Enforcement is to achieve a fair and just outcome in response to misconduct.

United KingdomFinance and Banking
Mishcon De Reya
Mishcon De Reya

Readers will recall that we reported last year on the FCA's articulation of its Mission " The FCA Sets Out its Mission"  and the publication of a joint FCA and PRA statement on their approach to Enforcement " FCA and PRA Publish Joint Statement on Enforcement". In a similar vein, on 21 March 2018, the FCA published this year's Enforcement Mission. Whilst there is very little material in the document that will be new or surprising for practitioners, there are some interesting statements of policy and aspiration.

The FCA says that its overriding approach to Enforcement is to achieve a fair and just outcome in response to misconduct. In a step away from "credible deterrence", the FCA notes that severe penalties (whilst important to deliver the FCA's message) are not alone enough to reduce and prevent misconduct and must be combined with effective early detection and efficient investigations. 

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