C2: FCA's Enforcement Division - created from Mind Map

Withdraw firms authorisation

Discipline authorised firms & people approved by FCA to work in them

requiring skilled persons report (s166) on any aspects of regulatory compliance

imposing penalties for market abuse

applying to Court for injunction & restitution orders

prosecuting various offences

Investigates where firms breach FCA rules or provisions of FSMA

Enforcement & disciplineFSMA gives FCA powers to take action under insider dealing provisions of Criminal Justice Act 1993 & Money Laundering Regulations 2007.  Gives power to interview people & require them to hand over docs.  Sets out circumstances when allowed to use powersFCA investigates people carrying on regulated activities without authorisation as breach of general prohibition.  Imprisonment & other sanctions may apply.Work with other regulatory bodies & law enforcement agencies in UK & abroad.Take risk-based approach in selecting cases to pursue; considering Regulatory Objectives, Principles of Good Regulation, & Referral Criteria.  Consider carefully proportionate response, exercise common standard of fairness, act in manor consistent with Human Rights Act 1998.Regulatory Decisions Committee consider cases prepared & recommended by enforcement staff.Settlement is possible & decisions made by two senior FCA staff.  RDC is decision-maker for matters which do not settle.  Independent Upper T|ribunal (Tax & Chancery Chambers) handle appeals.

FCA's Enforcement Division

Annotations

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