Part II Financial Services Regulation, 9 Enforcement

George Walker, Robert Purves and Michael Blair

in Financial Services Law

Fourth edition

Published in print March 2018 | ISBN: 9780198793809
| DOI:
Part II Financial Services Regulation, 9 Enforcement

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This chapter explains how the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) exercise their disciplinary enforcement powers under the Financial Services and Markets Act 2000 (FSMA) to address breaches of regulatory rules and principles by firms and individuals. The FCA's approach to the exercise of its disciplinary powers may be described as being one of ‘credible deterrence’, whereas the PRA prefers early intervention and remedial action in advance of a potential issue arising, rather than exercising its disciplinary enforcement powers after the event. The chapter examines the power of the FCA and the PRA to impose sanctions, their enforcement decision making procedures, powers to investigate breaches of regulation, powers and procedure to conduct and settle enforcement proceedings, approach to financial penalties, and policy for third party rights. The role of the Upper Tribunal in hearing contested cases is also discussed.

Chapter.  23 pages.  11472 words.  Illustrated.

Subjects: Law

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