| Link(s): | CP21/25: Changes to the FCA’s decision-making procedure FCA proposing changes to streamline decision-making CP21/25: Changes to the FCA’s decision-making procedure |
Context
The FCA is consulting on changes to its decision-making process that will enable it 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.
Key points to note
- The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. This will give greater responsibility for decisions to senior members of FCA staff close to the matters.
- As part of the FCA’s transformation, the FCA is making changes to ensure that it will continue to be more innovative, assertive and adaptive. The changes proposed today will involve streamlining the FCA decision-making and governance so it can move more quickly to stop and prevent harm faster.
- The consultation is proposing that certain decisions will now be made by FCA staff including:
- imposing a requirement on a firm or varying 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 consultation closes on 17 September 2021. Following this consultation, the FCA will consider the feedback and aims to publish a Policy Statement in or around November 2021.
Next actions
None – for information only