Corporate regulatory investigations

The FCA Enforcement Division has the power to:

  • Investigate and take enforcement proceedings against individuals (and their firms)
  • Compel individuals to attend interviews
  • Make compulsory requests of individuals (and their firms) for information and documents
  • Punish individuals (and their firms) by way of financial penalty, public censure and/or removal of their regulatory approvals and authorisations
  • Commence commercial litigation and criminal proceedings against individuals (and their firms)

The FCA's Supervision Division will refer individuals and/or their firms for investigation by the FCA's Enforcement Division in cases where individuals and/or their firms are suspected of breaches of the FCA's Principles and Rules and offences such as market abuse and insider dealing.

The issues likely to be faced in an FCA investigation and any related FCA enforcement proceedings include:

  • Interpreting the applicability of the FCA's Principles and Rules and other publications of the FCA to the particular facts and circumstances
  • The extent of any notification/disclosure requirements to the FCA
  • The training and competence of any relevant individuals and the effectiveness of any systems and controls within which they operated
  • The clear, fair and not misleading aspects of any financial promotions
  • The scope of any regulatory permission and the potential for unauthorised business
  • The individual responsibility of the Approved Persons/senior management and in particular those that perform the significant influence functions (‘SIFs')
  • Compelled document requests
  • Compelled FCA interviews
  • Response to any FCA Preliminary Investigation Report
  • Early settlement negotiations
  • Publicity
  • Regulatory Decisions Committee (RDC) representations
  • Referral to the independent Financial Services and Markets Tribunal
     

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