FCA enforcement essentials—enforcement process
Produced in partnership with Alix Prentice & Wilson Antoon of King & Wood Mallesons

The following Financial Services practice note produced in partnership with Alix Prentice & Wilson Antoon of King & Wood Mallesons provides comprehensive and up to date legal information covering:

  • FCA enforcement essentials—enforcement process
  • Warning Notice
  • Decision Notice
  • Reference to the Upper Tribunal
  • Final Notice
  • Discontinuance
  • Settlement

FCA enforcement essentials—enforcement process

Lexis®PSL Financial Services 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.

Once the Financial Conduct Authority (FCA) investigators have:

  1. completed their investigation (including ordinarily producing a Preliminary Investigation Report and taking into account any comments made by the subject of the investigation in response to this initial report)

  2. decided that enforcement action is appropriate

  3. produced their case papers to the Regulatory Decisions Committee (RDC), and

  4. the RDC has agreed that the matter should be referred to enforcement action

the formal enforcement process begins.

For information on the investigation process, see Practice Note: FCA enforcement essentials—investigations, for information on the RDC, see Practice Note: FCA—Regulatory Decisions Committee.

Warning Notice

The first step following the referral to enforcement is the issue by the RDC of a Warning Notice. The RDC is a committee of the FCA Board comprising senior experts who are not (apart from the Chairman) FCA employees. The RDC is separate from the FCA staff involved in the investigation process. In deciding whether to issue a Warning Notice, the RDC will consider whether the investigation material provided to it

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