FCA updates on recent enforcement actions

Therese Chambers has spoken on the FCA’s enforcement activity over the past 2 years. She noted that although the FCA’s approach to enforcement cases has changed, the base messaging has not. It expects firms to do the right thing, which includes:

• recognising when something has gone wrong and taking responsibility for putting it right;
• paying redress to anyone harmed;
• co-operating and being open with the FCA.

In terms of the FCA activity, it has only just over half the number of open enforcement cases now as it had 2 years ago, but is delivering more outcomes each year. It is also prosecuting more people for criminal offences than it has done before.

She talked through a few high profile cases, illustrating what the FCA was investigating and how it expected firms to act – including how it does take notice of when firms do the right thing in co-operating and offering redress, which may save them a fine, or significantly reduce the fine. That said, she also noted that the FCA will dig its heels in when it needs to.