The UK’s financial watchdog has changed its decision-making process to “ensure it can make faster and more effective decisions for consumers, markets and firms”.
It means that more decisions will be taken by the Financial Conduct Authority’s senior managers rather than the Regulatory Decisions Committee (RDC), it said.
But the committee, which operates separately from the watchdog, will continue to review the more “contentious cases”.
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.”
New powers
As a result of the changes, the FCA’s senior managers can 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
The regulator will carry out a six-month post-implementation review to assess the effectiveness of the reforms.
