FCA enforcement essentials—investigations

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

  • FCA enforcement essentials—investigations
  • FCA Enforcement Priorities
  • The FCA’s Toolkit
  • The FCA’s approach to opening an investigation
  • Pro-active co-operation with the FCA
  • Referral to Enforcement—the right regulatory response?
  • Enforcement referrals team
  • Statutory test for referral
  • Investigations opening criteria
  • When the investigations opening criteria is not relevant
  • More...

FCA enforcement essentials—investigations

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.

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

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