Summary
Financial Services Authority
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Extract
FSA's Enforcement Process Review.
The Financial Services Authority ("FSA") has recently published its Enforcement Process Review ("Review"), stemming from criticism made by the Financial Services and Markets Tribunal in the Legal and General case and also adverse comments made over the conduct of FSA's splits investigations. Led by David Strachan, FSA's director of retail firms and sector leader for insurance, the proposal is to implement the recommendations - intended to ensure that the Enforcement process is seen as fair - by year-end.
The Review focuses on the operation of FSA's decision-making power within the Enforcement process, especially the decision to commence disciplinary action reserved to the Regulatory Decisions Committee ("RDC"), an FSA Board committee separate from executive management. The Review did not consider the role of the wholly independent Financial Services & Markets Tribunal ("FSM Tribunal"), nor the criteria for taking Enforcement action. FSA has taken on board many of the comments r...See the full content of this document
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