Govt launches review of regulators' enforcement powers

Carmen Reichman
clock

A review into how the the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reach decisions in enforcement cases has been opened by the government, amid concerns over fairness, independence and transparency.

The review started with a call for evidence on Tuesday and forms part of a government plan to improve accountability in financial services, following the introduction of tougher rules for senior figures at banks last year. Included in the regulators' enforcement remit is the power to fine firms and individuals and the power to ban individuals from operating in the industry. But concerns have been raised about how regulators exercise their powers, particularly under the FCA's predecessor organisation the Financial Services Authority (FSA). According to feedback published by the FSA ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA updates incident and third-party reporting rules with cyber-attacks on the up

FCA updates incident and third-party reporting rules with cyber-attacks on the up

Regulator realises attacks are becoming ‘more frequent and more sophisticated’

Isabel Baxter
clock 18 March 2026 • 2 min read
FCA publishes pensions regulatory priorities report

FCA publishes pensions regulatory priorities report

Regulator sets out key priorities amid significant industry transformation

Martin Richmond
clock 12 March 2026 • 4 min read
Treasury proposals spark AR liability fears

Treasury proposals spark AR liability fears

Not expected to have ‘material’ impact on PII market but creates more risk

Isabel Baxter
clock 11 March 2026 • 4 min read