The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The Regulatory Decisions Committee (RDC) is a committee of the Financial Conduct Authority's (FCA) Board. It is part of the FCA, exercises certain regulatory powers on behalf of the FCA, and is generally accountable to the FCA Board for its decisions. In particular, the RDC is the FCA’s decision maker for contested cases; it makes decisions relating to the exercise of the FCA's regulatory enforcement powers including:
the warning notice procedure
the decision notice procedure, and
the supervisory notice procedure
The RDC procedure is not intended to duplicate the function of the Upper Tribunal (Tax and Chancery Chamber) (the Tribunal) and therefore does not provide a judicial hearing. The RDC process is administrative and designed to enable the principal issues to be identified and, if possible, resolved without the need for a Tribunal hearing.
The RDC is separate from the FCA's executive management structure. Apart from its Chairman, none of the members of the RDC is an FCA employee. The other members of the RDC are drawn from a pool of market practitioners and other public interest representatives. All members of the RDC are appointed for fixed periods by the FCA Board. The FCA Board may remove a member of the RDC, but only in the event of that member's misconduct or incapacity.
The RDC has its
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