Laura WilesTherese Chambers – FCA joint executive director of enforcement and market oversight – has delivered a speech on delivering enforcement priorities at the Spring Conference of NYU’s Program on Corporate Compliance and Enforcement.
The speech noted that the FCA has a history of working with partner agencies in the US, and hopes to continuing building on its relationship with US counterparts.
Chambers stressed that enforcement is about deterrence, and that action against misconduct needs to be timely and visible. In this regard, she noted that the FCA has increased the pace of its investigatory work, with five recent investigations achieving an outcome in 16 months or less, compared to a prior average of 42 months.
On the topic of collaboration and the FCA’s international work, Chambers highlighted that much of the misconduct the FCA deals with has a cross-border element, particularly with online frauds and scams. She set out the following enforcement priorities for the next five years:
- Keeping dirty money out of the financial ecosystem;
- Taking swift action where regulated firms are being used as vehicles for fraud;
- Keeping markets clean; and
- Developing a safe crypto regime that protects consumers.