ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.

FCA planning to announce investigations and speed them up

Decisions would be taken on a case-by-case basis

FCA building and logo


The Financial Conduct Authority (FCA) is planning to announce the opening of some enforcement investigations, and publish updates on them.

It also said it is aiming to work through cases more quickly and improve transparency in order to increase the deterrent impact of its enforcement actions.

Decisions to announce an investigation would be taken on a case-by-case basis and depend on a variety of factors, such as whether it would be in the public interest.

See also: Blackburn man pleads guilty in £19m investment fraud case

The regulator said it intends to focus on a ‘streamlined’ portfolio of cases where it can deliver the greatest impact. It also plans to close cases where no outcome is achievable more quickly. A consultation on the changes has begun.

Investigations have only been announced in very limited circumstances, up to now.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “By being more transparent when we open and close cases we can enhance public confidence by showing that we are on the case.

“At the same time, we will amplify the deterrent impact of our work by enabling firms to understand the types of serious failings that can lead to an investigation, helping them to change their own behaviour more quickly. Greater transparency will also drive greater accountability for us as an enforcement agency.”

Steve Smart, joint executive director enforcement and market oversight, added: “Reducing and preventing serious harm is a cornerstone of our strategy. By delivering faster, targeted and transparent enforcement, we will reduce harm and deter others. We will also make greater use of our intervention powers to stop harm in real time.”

See also: FCA bans and fines former London Capital & Finance man over minibonds

Latest Stories