The Financial Conduct Authority (FCA) has committed to carrying out enforcement cases more quickly, as it seeks to increase the deterrent impact of its enforcement actions.
The FCA will now focus on a streamlined portfolio of cases, aligned to its strategic priorities where it can deliver the greatest impact.
The financial watchdog will also work to quickly close those cases where no outcome is achievable.
As part of the new approach, the FCA started a consultation on plans to be more transparent when an enforcement investigation is opened.
The FCA will publish updates on investigations as appropriate, and remain open about when cases have been closed with no enforcement outcome.
The moves were introduced as a change from the current process where investigations are only announced in very limited circumstances.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “By being more transparent when we open and close cases we can enhance public confidence by showing that we are on the case.
“At the same time, we will amplify the deterrent impact of our work by enabling firms to understand the types of serious failings that can lead to an investigation, helping them to change their own behaviour more quickly.
“Greater transparency will also drive greater accountability for us as an enforcement agency.”
Steve Smart, joint executive director enforcement and market oversight, added: “Reducing and preventing serious harm is a cornerstone of our strategy.
“By delivering faster, targeted and transparent enforcement, we will reduce harm and deter others.
“We will also make greater use of our intervention powers to stop harm in real time.”
