Abstract
This chapter explains how the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) exercise their disciplinary enforcement powers under the Financial Services and Markets Act 2000 (FSMA) to address breaches of regulatory rules and principles by firms and individuals. The FCA's approach to the exercise of its disciplinary powers may be described as being one of ‘credible deterrence’, whereas the PRA prefers early intervention and remedial action in advance of a potential issue arising, rather than exercising its disciplinary enforcement powers after the event. The chapter examines the power of the FCA and the PRA to impose sanctions, their enforcement decision making procedures, powers to investigate breaches of regulation, powers and procedure to conduct and settle enforcement proceedings, approach to financial penalties, and policy for third party rights. The role of the Upper Tribunal in hearing contested cases is also discussed.
Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
