FCA enforcement essentials—settlement
FCA enforcement essentials—settlement

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

  • FCA enforcement essentials—settlement
  • Settlement of FCA enforcement cases—overview
  • The benefits of settlement with the FCA
  • Settlement procedure
  • At what stage can FCA enforcement action be settled?
  • Stage 1: early settlement period
  • Stage 1 Overview
  • Advance notice of stage 1—pre-settlement meeting
  • Stage 1 Letter
  • Stage 1 settlement period
  • More...

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.

Once FCA Enforcement has commenced a formal investigation into a potential breach of FCA rules, the subject of the investigation may have the opportunity to resolve the matter in full or in part with the FCA by entering into a settlement.

This Practice Note explains the FCA’s policy and practice relating to settlement and mediation in enforcement cases, including the settlement procedure, stage 1 settlements, the advantages of early settlement, the settlement discount scheme, the settlement decision makers, the status of settlements and issues around publicity.

Settlement of FCA enforcement cases—overview

A significant number of the FCA’s enforcement actions are resolved through settlement. A settlement with the FCA is not the same as an out-of-court settlement in a commercial dispute in which two litigants agree on a mutually acceptable deal. An FCA settlement is considered to be a regulatory decision, taken by the FCA, the terms of which are accepted by the firm or individual concerned. Further, other than in exceptional circumstances, FCA settlements will result in some degree

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