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FCA speech and press release supporting its new Enforcement Guide Consultation

Link(s):FCA to improve pace and transparency around enforcement cases | FCA
Evolving our enforcement approach to protect and grow our markets | FCA

Context

The FCA has issued a press release and has published a speech providing insight into its latest Consultation Paper CP24/2.  The speech, delivered by Therese Chambers, FCA joint Executive Director of Enforcement and Market Oversight, at the City and Financial Global Market Abuse and Market Manipulation Summit, discussed evolving the FCA’s enforcement approach to protect and grow UK markets.  The press release explained the FCA’s desire to improve pace and transparency around enforcement cases.

Key points to note and next actions

  • In the future the FCA will focus on a streamlined portfolio of cases, aligned to its strategic priorities, where it can deliver the greatest impact. The FCA will also close more quickly those cases where no outcome is achievable.
  • The moves are a step change from the current process where investigations are only announced in very limited circumstances.
  • The key messages from the speech were:
    • The FCA’s enforcement strategy will evolve to make sure it has the maximum impact in deterring misconduct and crime;
    • Enforcement is just one of the FCA’s tools – industry cooperation, assertive supervision and intervention powers are also key in dealing with harm.
    • The FCA must speed up investigations to thwart criminals and send a signal to markets and consumers.
    • The FCA needs industry and regulators pulling together to stop opportunistic market abuse and its corrosive effects.