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FCA's enforcement priorities for the coming year

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.        

Related link:

http://www.fca.org.uk/static/documents/enforcement-credible-deterrence-speech.pdf

 

 

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Comments: (1)

Neil Crammond
Neil Crammond - DIVENTO FINANCIALS - London 01 July, 2013, 13:48Be the first to give this comment the thumbs up 0 likes

the regulators were warned on many occasion about the abuse and manipulation in LIBOR .... yet chose time and time to ignore it ... However 3 years later they pat themselves on the back saying what a awesome service they supplied in fining the guilty parties ...... What is amazing it that IF they listened to the complaints back in 2008 there would not of been a LIBOR scandal and confidence would of been restored along with "fair and orderly markets " . Sadly they are as much to blame as the guilty traders who abused the system they were monitoring .

 

 

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