We are consulting on changes to our decision making process that will enable us to make faster and more effective decisions. This will help the FCA improve how it tackles firms and individuals who do not meet the required regulatory standards.
Why we are consulting
We need to transform to ensure the FCA can make fast and effective decisions and can prioritise the right outcomes for consumers, markets and firms. The decisions we make affect how and when consumers are protected from firms which do not meet our regulatory standards.
A key part of our Transformation Programme is a fresh approach to tackling firms and individuals who do not meet the required standards. This involves streamlining our decision-making and governance so we can respond more quickly, and so we want to move some decision making from our Regulatory Decisions Committee (RDC) back to the Executive.
The RDC will still make decisions in relation to enforcement cases where the FCA is proposing a disciplinary sanction or seeking to impose a prohibition order.
The consultation is proposing that certain decisions will now be made by FCA staff, including:
- using our own-initiative intervention powers to impose a requirement on a firm, or to vary its permissions
- making a final decision in relation to a firm’s application for authorisation or an individual’s application for approval that is contested
- where we decide to take action in straightforward cancellation cases where we want to remove a firm’s permissions because a firm does not meet our regulatory requirements
- the decision to commence civil and/or criminal proceedings
Who this applies to
This consultation will be of interest to:
- regulated firms
- individuals working in financial services
- consumer groups and individual consumers
- industry groups / trade bodies
- policy makers and regulatory bodies
- industry experts and commentators
We want your feedback on our proposals and issues discussed in this consultation paper.
Please send us your comments by 17 September 2021.