FCA outlines new approach to tackling serious firm failings

Carmen Reichman
clock

The Financial Conduct Authority (FCA) has introduced a new approach to tackling serious failings in financial services firms by cracking down on senior level management first.

'Enhanced supervision' will see the regulator intervene more quickly when it detects "serious failings" such as a series of conduct failings, problems in more than one business area, or a poorly functioning board. The new approach means it will be able to decide at any point - by using its "judgement rather than a formal process" - which measures are appropriate and what course of action it will take, it said in a statement out on Thursday. Although developed in response to the Parliamentary Commission on Banking Standards' recommended 'special measures', the new approach applies to a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA urges principal firms to check PII cover

FCA urges principal firms to check PII cover

Regulator finds 10% of sampled firms may not have adequate cover in place

Isabel Baxter
clock 28 February 2025 • 1 min read
FCA to undertake MPS Consumer Duty review

FCA to undertake MPS Consumer Duty review

Regulator recognises the sector has been ‘growing at pace’

Isabel Baxter
clock 26 February 2025 • 2 min read
FCA ongoing services wish lists: 'Advice shouldn't be like a car tax reminder'

FCA ongoing services wish lists: 'Advice shouldn't be like a car tax reminder'

FCA urged to adopt a 'more principled and realistic approach'

Jen Frost
clock 25 February 2025 • 3 min read