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Charlotte Henry, senior associate at Norton Rose Fulbright, examines the Financial Conduct Authority’s (FCA) recent policy statement in which the regulator provides specific examples of situations where it might use its enhanced powers.
FCA statement on new accountability regime, LNB News 09/12/2015 79
A new policy statement from the FCA sets out amendments to the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG), and advises on how the FCA will enforce the new accountability regime (including the Senior Managers Regime and the Certification Regime). The FCA also sets out how it will use the new powers created by the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013).
What is the background to this policy statement?
FS(BR)A 2013 gave the regulators enhanced powers when approving senior managers and when taking enforcement action against them—including the ability to grant or vary approvals subject to conditions and/or time limits.
One of the requirements of FS(BR)A 2013 is that each regulator must publish a statement of its policy in respect of these new powers. In July 2014, the FCA and the Prudential Regulation Authority jointly consulted on their proposed Statements of Policy. The FCA’s statement of policy is contained in FCA Handbook SUP 10C (in respect of the variation of approvals at the request of a
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