The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This Practice Note explains the initial stages and investigative steps in the Financial Conduct Authority’s (FCA) enforcement process once a breach has been identified. It describes the FCA’s enforcement priorities and its evolving approach to opening an enforcement investigation following HM Treasury’s 2014 Enforcement Review and the Green Report. It considers the process of the enforcement investigation from the referral of a suspected breach to the FCA’s Enforcement and Market Oversight Division (EMO) through to document requests and interviews, the preliminary investigation report, and submission of a recommendation of enforcement action to the RDC. It considers the appointment of investigators, their formal powers and the restrictions on those powers. It outlines considerations the subject should be mindful of such as confidentiality, publicity and the risk of committing an offence during the investigation. Finally, it provides a brief overview of joint investigations between the FCA and PRA, investigations into breaches of the listing rules and market abuse, collective investment schemes, investigations on behalf of overseas regulators and investigations in respect of criminal cases.
For reference, a flowchart of the FCA’s enforcement process from the FCA’s Enforcement Information Guide, may be found at the end of this Practice Note. This shows the process of a typical FCA enforcement case where the matter is dealt with through the FCA’s administrative powers under FSMA 2000 (as
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.