HM Treasury Reports On Enforcement Processes Of Financial Conduct Authority And Prudential Regulation Authority

Author:Shearman & Sterling LLP
Profession:Shearman & Sterling LLP

On December 18, 2014, the UK HM Treasury published a final report on the fairness, transparency, speed and efficiency of the institutional arrangements and processes for enforcement decision-making at the Financial Conduct Authority ("FCA") and Prudential Regulation Authority ("PRA"). The review's recommendations include (i) a new, independent decision-making committee for the PRA; (ii) a new, expedited procedure to access the Upper Tribunal; (iii) regular independent reviews of the FCA and PRA settlement processes; (iv) measures to encourage investigated parties to make early admissions so that cases are resolved more quickly; and...

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