The FCA's recently published Annual Report and Accounts for the year 2019/20, including enforcement data for the same year, reveals that despite a massive volume of open cases, outcomes remain low, progress remains painfully slow and costs continue to creep upwards.
In an article for Compliance Matters, White & Case partner Christopher Brennan considers the need for a review of the FCA's approach to enforcement. Brennan writes: "Enforcement is a vital part of any successful regulatory regime. In the absence of an effective enforcement process, rules become meaningless. Regulators must use enforcement to convey important messages to firms and should use it as a credible deterrent against wrongdoing. A successful enforcement regime is one which is both fair and effective. Unfortunately, the glacial pace at which the FCA approaches each case stops it from being either fair or effective."
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