FCA—Regulatory Decisions Committee

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

  • FCA—Regulatory Decisions Committee
  • The Regulatory Decisions Committee
  • Members of the RDC
  • Procedure for issuing statutory notices
  • Written or oral representations
  • The decision
  • Third party rights and access to FCA material
  • Publication of notices and other publicity

FCA—Regulatory Decisions Committee

Practice Note: Lexis®PSL Financial Services FCA/PRA Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 to 2020. The Database may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as appeals. By filtering column ‘AD’, it can be filtered by decision maker.

The Regulatory Decisions Committee

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 enforcement, supervisory and authorisation interventions; it makes decisions relating to the exercise of the FCA's regulatory enforcement powers including:

  1. the warning notice procedure

  2. the decision notice procedure, and

  3. 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.

On 20 April 2021, FCA’s CEO, Nikil Rathi, announced in a speech that the

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