The number of people the FCA has banned from working in financial services has fallen for the second year in succession to reach the lowest level since the financial crisis, according to data from RPC.
The legal and consultancy firm warned, however, the drop in bans should not be interpreted as the FCA "going soft on enforcement". Rather, it added, it was "the result of a significant toughening of the regulator's approach to misconduct" since the financial crisis. Just 18 people received so-called ‘prohibition orders' from the regulator over the 12 months to 30 September 2017, compared with 25 in the corresponding period in 2015/16 and 28 in 2014/15. RPC's figures showed prohibition orders peaked in the immediate aftermath of the financial crisis - with 65 issued in 2009 and 72 in 2010...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
