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:
Once the Financial Conduct Authority (FCA) investigators have:
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)
decided that enforcement action is appropriate
produced their case papers to the Regulatory Decisions Committee (RDC), and
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.
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 is adequate
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