Association of Professional Compliance Consultants

The body for compliance consultants who advise firms regulated in the UK.

The APCC is active in enhancing the professional standards of compliance consultants and is recognised as a trade body by the FCA and other regulators. This provides our members with significant benefits in terms of direct access to the Regulators as well as business leads.  The APCC often works in conjunction with the FCA to pilot or test new initiatives, and we also provide with valuable feedback on specific subjects as requested by them.

Financial Conduct Authority – PS21/16: Issuing statutory notices – a new approach to decision makers

The FCA issued the following today;

Today we’ve published a policy statement implementing our proposal to move some decisions from our Regulatory Decisions Committee (RDC) to our Authorisations, Supervision and Enforcement Divisions. Our Press Release can be found here.

As part of our transformation to a more innovative and assertive regulator, more decisions will be taken by the FCA’s senior managers rather than by the Regulatory Decisions Committee (RDC). The new process will ensure decisions to prevent or stop consumer harm are taken more quickly.

More contentious cases will continue to be reviewed by the RDC, which is a committee of the FCA’s Board that operates separately from the regulator. Its members are drawn from business, consumer and financial services backgrounds.

The FCA’s senior managers are now able to take decisions on the following:

  • a firm’s authorisation or an individual’s approval
  • action in straightforward cases to cancel a firm’s permissions and that action is contested
  • starting civil proceedings, such as seeking an injunction
  • starting criminal proceedings, such as a prosecution for insider dealing
  • using the FCA’s powers to vary or limit a firm’s permissions
  • using the FCA’s powers to impose requirements on a firm

The FCA will carry out a 6-month post-implementation review to assess the effectiveness of the reforms