Joint investigations by the FCA and the PRA
Produced in partnership with Jamie Symington and Lucy Hartland of Brown Rudnick LLP
Joint investigations by the FCA and the PRA

The following Financial Services practice note Produced in partnership with Jamie Symington and Lucy Hartland of Brown Rudnick LLP provides comprehensive and up to date legal information covering:

  • Joint investigations by the FCA and the PRA
  • FCA and PRA investigation and enforcement powers
  • Duty to coordinate and Memorandum of Understanding
  • Sharing information
  • Treasury Review and Green Report Recommendations
  • Joint investigations in practice
  • Settlement and Contested Cases
  • Separation of contested cases
  • Access to FCA or PRA material
  • Risk of conflicting decisions
  • 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.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are separate legal entities that operate with different objectives, with separate investigatory and enforcement powers, but with arrangements in place for investigations to be conducted jointly. Both the FCA and the PRA have similar processes for decision making with some differences. Both regulators' procedures include scope for early settlement with an individual or firm under investigation.

There have been several examples of the FCA and the PRA agreeing to take enforcement action jointly. To date, this has proved efficient and effective with the regulators successfully coordinating outcomes announced around the same time and based on a similar set of factual findings. This has been made easier by the subjects of the investigations settling at an early stage following initial investigation. So far no joint cases have been through the regulators’ processes for contested proceedings or referred to the Upper Tribunal, which ultimately has the power to determine what action the regulators should take.

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