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The Financial Conduct Authority (FCA) has published consultation paper CP16/10 setting out its response to HM Treasury’s review of enforcement decision making at both the conduct regulator and the Prudential Regulation Authority (PRA) and how it intends to implement recommendations contained within the report.
The Treasury review looked at the transparency, fairness, effectiveness and speed of the FCA’s and the PRA’s enforcement decision-making processes and arrangements and made a number of proposals aimed at improving them.
The paper also seeks to introduce recommendations arising from Andrew Green QC’s report into the Financial Services Authority’s enforcement actions following the failure of HBOS.
The consultation paper includes proposed changes to the FCA’s Decision Procedure and Penalties Manual (DEPP) and Enforcement Guide (EG). Chapters 3 and 4 of CP16/10 seek comment in respect of co-operation between the FCA and PRA and subjects’ understanding and representations in the context of enforcement investigations, and are the subject of a joint consultation by the two regulators.
Members may access the consultation paper by clicking here.
Responses should be emailed to: cp16-10@fca.org.uk by 14th July 2016.
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
The post FCA consults on implementation of enforcement review and Green Report recommendations appeared first on British Insurance Brokers' Association.
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