Therese Chambers has outlined several of the initiatives the FCA takes to deter and prevent financial crime that never make the headlines. She spoke of the importance of the FCA stepping in not only when its actions lead to highly publicised fines, but also where, for instance:
- the FCA putting a pause on approving a prospectus that concerned it actually led to the fundraising being cancelled, and saving investors the risks that would have presented;
- the use of OIREQs can be a quick response to prevent harm and give firms a chance to put things right;
- sometimes feedback letters and voluntary requirements are enough; and
- skilled persons reports again can give the opportunity for engagement and VREQs for the firm to put things right, rather than a move straight to enforcement.