Concern over FCA early enforcement alerts

Concerns have been raised over FCA plans to publicise intended enforcement action after FSA figures revealed that almost a third of enforcement cases in 2009/10 did not result in disciplinary action.

FCA_logoConcerns have been raised over regulatory plans to publicise intended enforcement action after FSA figures revealed that almost a third of enforcement cases in 2009/10 did not result in disciplinary action.

The incoming FCA would be able to publish details about ongoing enforcement cases before the firm or individual involved is given the chance to present and argue their case. Aifa warns the new powers could signal “a worrying shift towards guilty until proven innocent”.

The  FSA’s Enforcement Annual Performance Accounts 2009/10 show that 114 enforcement cases were closed, excluding those cases where companies were unsuccessful with meeting the minimum entry requirements set out by the FSA. Out of the 114, 79 cases consequently resulted in public disciplinary action and 35 were let go following the warning notice period.

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