The Financial Conduct Authority (FCA) has set out the criteria on which it decides whether to refer a firm to enforcement, recognising the option is "expensive and resource-intensive" and should be used with discretion.
The regulator published an updated set of guidelines outlining the process it uses when deciding whether to refer a firm to its enforcement division for a formal investigation, in order to make its "decision making process more transparent". The move comes after a review by the Treasury last December, which examined fairness and transparency in regulatory decision making. Related reading: FCA hires enforcement chief from Hong Kong regulator The review recognised the FCA's efforts to be transparent by publishing information about enforcement outcomes and referrals following them...
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