View more on these topics

FCA to step up enforcement efforts

FSA Buildings Towers 480

The FSA says the new Financial Conduct Authority will step up its enforcement efforts, aiming to bring more cases against individuals and prioritising consumer compensation.

In its Journey to the FCA document, published today, the regulator says it will press for tougher penalties against those who break the rules, hold members of senior management to account for their actions and continue to look for prosecutions against insider dealing and market manipulation.

The document says: “We will take action, including enforcement actions, where we consider that particular aspects of a firm’s business model or culture – such as its product selection, training and recruitment or remuneration practices are likely to harm consumers.

“We will also place more emphasis, at an earlier stage, on securing redress where consumers have suffered harm.”

The incoming FCA will have the powers to publicly announce when it has begun disciplinary action.

Before taking action against dual-regulated firms, the FCA will conduct with the Prudential Regulation Authority and decide whether to pursue a joint investigation or for one to act alone.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Strikes me as if something they should have been doing in the first place, but we will still have to see whether they go after the big boys or look for easy targets in smaller firms.

    Investigations and subsequent prosecutions in LIBOR will be a good starting point

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm