The Financial Conduct Authority (FCA) Head of Enforcement in a speech provided details of FCA’s enforcement priorities for the coming year. She emphasised that there would be earlier engagement by enforcement teams with firms and that a more interactive
approach should be expected. The emphasis on the culture in firms and senior management’s responsibility for setting the right tone would receive increased focus. She explained that the FCA expected to continue the
credible deterrence approach and to take more action to hold individuals
accountable for failings at firms. Accountability of senior management will further increase as they will be asked to attest where remedial action is being undertaken that it is being performed appropriately and to identify who is responsible for it.