The FCA Gets Tough on Unsuitable Advice and Poor Systems and Controls

    View Authors June 2013

    Before the Financial Conduct Authority (“FCA”) took over from the Financial Services Authority (“FSA”) earlier this year, the regulator had confirmed that the enforcement policy of “credible deterrence” (taking tough, targeted effective public enforcement action against misconduct as a way of changing market behaviour) would continue.

    The “credible deterrence” policy has underpinned the regulator’s approach to enforcement for some five years now and is being taken forward by the FCA precisely because it is considered by the regulator to have been very successful.