FCA enforcement essentials—partly contested cases
Produced in partnership with Chloe Pawson-Pounds of Brown Rudnick LLP
FCA enforcement essentials—partly contested cases

The following Financial Services practice note Produced in partnership with Chloe Pawson-Pounds of Brown Rudnick LLP provides comprehensive and up to date legal information covering:

  • FCA enforcement essentials—partly contested cases
  • Background to partly contested cases
  • Partly contested cases
  • The process for entering into a focused resolution agreement
  • Discount for early settlement
  • Limitations to the partly contested process
  • Observations from the first partly contested cases
  • Conclusion and likely impact of partly contested cases

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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.

Background to partly contested cases

On 1 February 2017, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a joint Policy Statement ‘Implementation of the Enforcement Review and the Green Report (FCA PS17/1 / PRA PS2/17)’ (the Enforcement Review Policy Statement) setting out final changes to their enforcement decision-making processes, geared towards improving transparency and effectiveness.

The consultation period which led to the Policy Statement opened in April 2016 and was itself brought about following the various reviews into the regulators’ approach to enforcement which began with Treasury's Review of enforcement decision-making at the

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