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ARTICLE · 20 SEPTEMBER 2021

UK Financial Conduct Authority Consults On Amending Decision-Making Process

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The United Kingdom Financial Conduct Authority (FCA) has issued a Consultation Paper (here) setting out proposed changes to its decision-making processes.

United KingdomFinance and Banking
Helen Marshall
Helen Marshall
Joe Hewton
Joe Hewton
Phil Davies
Phil Davies
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Key Points:

  • The FCA is consulting on changing its internal decision-making process.
  • If the FCA's proposals are made into final rules, certain decisions which are currently taken by the quasi-independent RDC will instead be made by senior members of the FCA under the Executive Procedures.
  • The FCA's principal argument for these proposals is that it will allow the regulator to act with more speed. However, the FCA also appears to support these changes as part of its desire to "test [its] powers to the limit" and make "bolder" decisions.
  • If the FCA proposals do go into effect, we expect that there will be an increase in the number of FCA decisions which are referred to the Upper Tribunal (part of the judiciary) for review. This may include challenges to the FCA's decision making on substantive and public law grounds.

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