Talk to our team of experienced industry professionals for quality and confidential advice

e-Learning login

29 November 2021

The Financial Conduct Authority (“FCA”) released its latest Policy Statement (PS21/16) in which it sets out the Regulator’s reformed decision-making process. The FCA have stated that this process is to allow a ‘faster and more effective decisions for consumers, markets and firms’.

As part of this new decision making process, more decisions will be taken by the FCA’s senior managers rather than by the Regulatory Decisions Committee (RDC).

The RDC is a committee of the FCA’s Board whose members come from business, consumer and financial services backgrounds. RDC operates separately from the regulator itself,  will still still review more contentious cases which is a committee of the FCA’s Board that operates separately from the regulator.

The FCA’s senior managers are now able to take decisions on the following:

  • a firm’s authorisation or an individual’s approval action in straightforward cases to cancel a firm’s permissions and that action is contested
  • starting civil proceedings, such as seeking an injunction
  • starting criminal proceedings, such as a prosecution for insider dealing
  • using the FCA’s powers to vary or limit a firm’s permissions
  • using the FCA’s powers to impose requirements on a firm

Emily Shepperd, Executive Director of Authorisations, said: ‘We are taking a fresh approach to tackling firms and individuals who do not meet the required standards. Our new streamlined decision-making process will allow us to be more assertive in stopping harm.’

The FCA will carry out a 6-month post-implementation review to assess the effectiveness of the reforms.

By Ian Beardmore

Get in Touch

Speak to us to find out how we can help you: