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FCA enforcement investigation referrals 13/07/2015 The FCA has updated the criteria and outlined the process it uses when deciding whether to make an enforcement investigation referral

FCA enforcement investigation referrals

The Financial Conduct Authority (FCA) has updated the criteria and outlined the process it uses when deciding whether to refer a firm or individual to its enforcement division for a formal investigation.

According to Georgina Philippou, acting director of enforcement and market oversight at the FCA, the publication is designed to make the regulator’s decision making process more transparent. 

“Firms and the public will now have a clearer understanding of the questions we ask ourselves before we start a formal investigation," she said.

According to the FCA, when deciding whether to investigate, it considers the following three overarching questions:

  • Is an enforcement investigation likely to further the FCA’s aims and statutory objectives?
  • What is the strength of the evidence and is an enforcement investigation likely to be proportionate?
  • What purpose or goal would be served if the FCA were to take enforcement action in this case?

A full list of the referral criteria can be found here. Details of the process taken to assess whether a referral for an enforcement investigation is appropriate can be found here.


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