We have published the final version of our
streamlined and updated Financial Conduct Authority Enforcement
Guide.
As previously announced,
we have retained the 'exceptional circumstances' test for
announcing investigations into regulated and listed firms. In
addition, we have identified three situations where there was
broad support for increased transparency:
- Where we're investigating suspected unauthorised financial
services, or a suspected offence relating to unregulated
activity, and an announcement will warn consumers or investors or
help the investigation.
- Where the fact of the investigation has been made public by
the subject, an affiliated company or a regulatory body,
government or public body.
- Anonymised announcements, not naming or identifying the
subject of the investigation, where it would be helpful to
educate people on the types of misconduct we are investigating.
These changes will only apply to investigations launched on or
after today.
Alongside this, we will continue to improve the pace and focus of
our investigations, increasing the impact of our work for the
benefit of consumers and markets, and therefore the wider
economy. Five recent investigations closed with a public outcome
in less than 16 months, compared to an average length of 42
months in 2023/24.
We have made other changes to the Enforcement Guide to streamline
the content and reduce duplication, reducing it by over 250
pages. We have also confirmed that we will continue to consult on
future changes to the Enforcement Guide.
The new Enforcement
Guide will come into force today.
