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 ...
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