Jo Geraghty


Being seen to be done

Date added: 15th Oct 2013
Category: Customer Experience

The FCA has taken the next step in their quest to tackle misconduct and protect consumers.  In a press release issued today (15th October) the FCA have announced that in certain circumstances it will use its new powers to publish warning notices at an early stage in enforcement proceedings.

Previously the FCA was only able to issue warnings about firms or individuals at a late stage in proceedings once it had decided to formally take action.  This move to publish at an earlier point may give rise to the accusation that the FCA is ignoring the mantra of “innocent until proven guilty” but it has consulted widely on the issue and will only use its new powers when appropriate.

Commenting in the press release, the FCA Director of enforcement, Tracey McDermott said: “I believe we have got the balance right so we now have in place a regime that enables us to provide information to consumers, investors and firms earlier about the action we are taking to tackle misconduct to ensure markets work well and consumers get a fair deal.”

This latest move can be seen as a further step in the FCA’s mission to protect consumers as well as protecting and enhancing the integrity of the UK’s financial system using an approach which combines regulation alongside a requirement for a shift in organisational culture and methodologies.


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