Series 11, Episode 4: FCA enforcement strategy: Reducing open case numbers and that "naming and shaming" proposal

In this episode Lindsey Rogerson and Rachel Wolcott, senior editors in London talk through the UK Financial Conduct Authority's (FCA) changing approach to enforcement. They look at the number of enforcement cases closed since April 2023 when the former head of enforcement left. In all 155 cases have been closed with only 28 resulting in an enforcement action—about 18%. That discussion leads to a broader consideration of the FCA's publication of enforcement data, its resistance to some Freedom of Information Act requests for more information and a look at some of the detail it recently revealed in letters to UK lawmakers.

Lindsey and Rachel assess the FCA's proposals to announce some enforcement investigations. This plan was first announced in February and has since been rebranded as "naming and shaming" by those opposed to the measures. Lindsey and Rachel question whether this description is justified, run through the ways investigations are sometimes announced, and make a case for the more frequent publication of richer, more descriptive enforcement data.

Links:
2017 report about the HK SFC closing cases (paywall)
https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522BRKGDI%252522%25257D%2522%257D&bhcp=1


UK FCA seeks speedy closure for cases with "no future (paywall)
https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522skxHi9%252522%25257D%2522%257D&bhcp=1


UK FCA is still assessing more than 1,100 whistleblower reports from 2023/24 (paywall)
https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522O3tB1r%252522%25257D%2522%257D&bhcp=1


Season 10, Episode 6: Insider dealing lists: lessons from a conviction
https://podcasts.apple.com/gb/podcast/season-10-episode-6-insider-dealing-lists-lessons-from/id1548510826?i=1000647506230


Season 9, Episode 4: The FCA and its difficulties dealing with whistleblowing
https://open.spotify.com/episode/1l3pvrXW1J6LcJv2LOunRo

FCA Board Minutes April 2023
https://www.fca.org.uk/publication/minutes/fca-board-minutes-27-april-2023.pdf


FCA letter to House of Lords Financial Services Regulation Committee
https://www.fca.org.uk/publication/correspondence/fca-response-lfsrc-april-24.pdf


FCA letter to Treasury Committee
https://committees.parliament.uk/publications/44666/documents/221907/default/

FOIA request about recording keeping and messaging apps
https://www.whatdotheyknow.com/request/refined_request_foi10578_recordi#incoming-2645944


UK FCA opened no investigations into communications retention; opened first Mifid II transaction reporting investigation (article)
https://www.linkedin.com/feed/update/urn:li:activity:7199352605670555649/

FOIA request for updated enforcement data to show closed investigations
https://www.whatdotheyknow.com/request/enforcement_data_update_of_foi10#incoming-2661174


CP 24/2 Our enforcement guide and publicizing enforcement investigations—a new approach (the naming and shaming one ;-))
https://www.fca.org.uk/publication/consultation/cp24-2.pdf

UK Finance response to CP24/2
https://www.ukfinance.org.uk/system/files/2024-04/UK%20Finance%20%20response%20to%20FCA%20enforcement%20guidance%20CP24-2.pdf

Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.