The Financial Conduct Authority has published a consultation paper that proposes to move some decisions from its Regulatory Decisions Committee to its Authorisations, Supervision and Enforcement Divisions.
The consultation, which closes on 17 September 2021, proposes that certain decisions will be made by FCA staff, including:
- intervening to impose a requirement on a firm, or to vary its permissions by limiting or removing certain types of business
- making a final decision in relation to a firm’s application for authorisation or an individual’s approval that has been challenged
- making a final decision to cancel a firm’s permissions because a firm does not meet the FCA’s regulatory requirements
- the decision to start civil and/or criminal proceedings
The Regulatory Decisions Committee will continue to make decisions in relation to contentious enforcement cases, where the FCA is proposing a disciplinary sanction or seeking to impose a prohibition order.
These changes are proposed to increase efficiency by making best use of the breadth of expertise across the FCA and will help to increase the speed and reduce the regulatory costs of dealing with firms and individuals that fail to meet the FCA standards.
Regulated members are invited to email [email protected] to express a view as to whether the BVRLA should respond to this consultation by collating members’ input.
