FCA enforcement essentials—publicity
FCA enforcement essentials—publicity

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

  • FCA enforcement essentials—publicity
  • Publicity during FCA investigations
  • Publicity around the fact of the investigation
  • Publicity around findings or conclusions reached during the investigation
  • Publicity of regulatory action—Warning Notices
  • FSMA 2000, s 391(1ZB)
  • Warning Notice Statement
  • Continued publication
  • Publicity of regulatory action—Decision Notices and Final Notices
  • Publication process
  • More...

This Practice Note considers the FCA’s approach to publicising investigations and statutory notices (eg Supervisory Notices relating to the imposition or variation of requirements, or issued under the Money Laundering Regulations (MLRs) Reg 74C; Warning Notices; Decision Notices; Final Notices and Notices of Discontinuance of enforcement actions). It also discusses Upper Tribunal privacy applications and relevant case law, and publicity around the publication of prohibitions of individuals, criminal investigations and the Financial Services Register. It refers to the FCA Handbook—Enforcement Guide (EG), Chapter 6, which sets out the FCA's approach to publishing information about investigations and enforcement, and the regulator’s relevant powers under the Financial Services and Markets Act 2000 (FSMA 2000).

FSMA 2000, s 391 sets out the requirements regarding publication by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) of Warning Notices, Decision Notices, Notices of Discontinuance, Final Notices and Supervisory Notices. The FCA does not normally comment on whether it is investigating an issue. It may, if appropriate, publish information about certain Warning Notices, having consulted the person or firm to whom the notice is issued. Except in exceptional circumstances, it must make information public when it issues a Decision Notice or Final Notice. The FCA confirmed in their joint PRA policy statement PS 17/1 / PRA PS2/17: Implementation of the Enforcement Review and the Green Report, that it

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