A recent speech by the Director of Enforcement and
Market Oversight at the Financial Conduct Authority
("FCA") has highlighted the progress of
the partly contested process for disciplinary action. The first
three cases using the process have now completed, although only
details as to the first two cases were available as the time of
going to press.
Partly Contested Process
The FCA established the partly contested process in 2017. We
have explored this change to the regulator's enforcement regime
in a previous blog. In short, parties subject to
disciplinary action are able, through the process, to agree part of
the FCA's case against them whilst challenging other aspects
through referral to the Regulatory Decisions Committee
("RDC").
