The FCA is consulting on changes to its decision-making process that will enable it to make faster and more effective decisions. This will help the FCA improve how it tackles firms and individuals who do not meet the required regulatory standards.
The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. This will give greater responsibility for decisions to senior members of FCA staff close to the matters.
As part of the FCA’s transformation, the FCA is making changes to ensure that it will continue to be more innovative, assertive and adaptive. The changes proposed today will involve streamlining the FCA decision-making and governance so it can move more quickly to stop and prevent harm faster.
The consultation is proposing that certain decisions will now be made by FCA staff including:
imposing a requirement on a firm or varying its permissions by limiting or removing certain types of business
making a final decision in relation to a firm’s application for authorisation or an individual’s approval that has been challenged
making a final decision to cancel a firm’s permissions because a firm does not meet the FCA’s regulatory requirements
the decision to start civil and/or criminal proceedings
The consultation closes on 17 September 2021. Following this consultation, the FCA will consider the feedback and aims to publish a Policy Statement in or around November 2021.