FSA overhauls enforcement unit
LONDON – The UK Financial Services Authority (FSA) announced the implementation of changes to its enforcement process in mid-October, which include key alterations to the role of the Regulatory Decisions Committee (RDC). For example, the FSA executive will agree settled cases and the RDC contested cases, while the FSA will now give discounts to financial penalties for early settlement.
The RDC now has its own dedicated legal function in place and the enforcement division will no longer give legal advice to the RDC but will now make submissions which will be automatically disclosed to the firm or individual under investigation.
According to an FSA spokesperson: "Progress has been made in strengthening the objectivity of the RDC and separating more clearly the preparation of an
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