FCA disciplinary and other enforcement action against firms—one minute guide
FCA disciplinary and other enforcement action against firms—one minute guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA disciplinary and other enforcement action against firms—one minute guide
  • Financial penalty
  • Public censure
  • Suspension of (or imposition of restrictions on) a permission to carry on a regulated activity
  • Warning, decision and final notices
  • Private warnings
  • Own initiative variation and requirement powers (OIVoP)
  • Other enforcement powers

Lexis®PSL Financial Services FCA/PRA Enforcement Database: This incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database, available here, may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals.

The Financial Services and Markets Act 2000 (FSMA 2000) provides the Financial Conduct Authority (FCA) with a wide variety of possible actions against firms, including both disciplinary sanctions (such as financial penalties, public censure and suspension of (or restrictions on) permissions) and certain other enforcement tools (such as own initiative variation power (OIVoPs) and private warnings) This Practice Note provides an overview of the FCA’s disciplinary and enforcement tools against firms.

Financial penalty

Under FSMA 2000, s 206, if the FCA considers that an authorised firm has contravened a relevant requirement imposed on it, the FCA may impose on the firm a financial penalty in respect of the contravention, of such an amount as the FCA considers appropriate.

The penalty is payable to the FCA.

If the FCA proposes to impose a financial penalty under FSMA 2000, s 206, it must give the firm concerned a Warning Notice, which must state the amount of the penalty proposed.

If the FCA then decides to impose a penalty (whether or not the same

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