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ARTICLE · 26 APRIL 2016

The FCA's Evolving Approach To Settlement

Mayer Brown
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The FCA has published a consultation paper on its proposals for improving the way it carries out enforcement investigations. This follows the recommendations made by HM Treasury in its 2014 'Review of enforcement decision-making at the financial services regulators' and by Andrew Green QC in his 2015 report into the FSA's enforcement actions following the failure of HBOS plc.

United KingdomFinance and Banking
Susan Rosser
Susan Rosser
Guy Wilkes
Guy Wilkes
Jeremy Holden
Jeremy Holden
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The FCA has published a consultation paper on its proposals for improving the way it carries out enforcement investigations. This follows the recommendations made by HM Treasury in its 2014 'Review of enforcement decision-making at the financial services regulators' and by Andrew Green QC in his 2015 report into the FSA's enforcement actions following the failure of HBOS plc.

A key aspect of the FCA's proposals is a change to eligibility for discounts for early settlement.

The current system of discounts comprises three tiers:

  • Stage 1: 30% reduction, if settlement is reached before the point at which the FCA has a sufficient understanding of the nature and gravity of the breach to make a reasonable assessment of the appropriate penalty, but after a reasonable opportunity to reach a settlement has been given.

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