The FCA has reformed its decision-making process to ensure it can make faster and more effective decisions for consumers, markets and firms
As part of its transformation to a more innovative and assertive regulator, more decisions will be taken by the FCA’s senior managers rather than by the Regulatory Decisions Committee (RDC).
It revealed the new process will ensure decisions to prevent or stop consumer harm are taken more quickly.
According to the FCA, more “contentious cases” will continue to be reviewed by the RDC, which is a committee of the FCA’s board that operates separately from the regulator.
The FCA’s senior managers are now able to take decisions on the following: a firm’s authorisation or an individual’s approval; action in straightforward cases to cancel a firm’s permissions and that action is contested; starting civil proceedings and criminal proceedings; vary or limit a firm’s permissions, and impose requirements on a firm.
Emily Shepperd, executive director of authorisations, said: ‘We are taking a fresh approach to tackling firms and individuals who do not meet the required standards. Our new streamlined decision-making process will allow us to be more assertive in stopping harm.”
The FCA will carry out a six-month post-implementation review to assess the effectiveness of the reforms.