The Financial Conduct Authority (FCA) has pledged it will cooperate with firms it intends to refer to enforcement to see if any remedial action by the firm could prevent the referral.
The regulator said in a consultation paper on enforcement published on 14 April it would increase its efforts to make firms understand where a response to a breach of the regulatory requirements was a factor in deciding not to take enforcement action. It already publishes such material, but wants to reach out further to firms by highlighting cases where the extent of cooperation was a large factor in deciding not to refer a case to enforcement. The regulator launched its consultation in response to a Treasury review first published on 18 December 2014, which focused on the transparenc...
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