FCA streamlines decision-making process

'Concern of procedural fairness'

The Financial Conduct Authority (FCA) has reformed the way it makes critical regulatory decisions in a bid to be more effective and efficient in stopping harm to consumers and markets.

The new approach, which will be effective from Friday (26 November), transfers some decision-making on statutory notices from the FCA's Regulatory Decisions Committee (RDC) to senior members of the body under the Executive Procedures, which the FCA said would free up the RDC to focus on contentious enforcement cases. This places a greater degree of responsibility and accountability with the senior FCA staff, rather than RDC, to decide 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...