The Financial Conduct Authority has overhauled its decision-making process to ensure it can make “faster and more effective” decisions.

As part of the reforms, more decisions will be taken by the FCA’s senior managers, rather than the regulatory decisions committee (RDC).

This, the regulator said, will ensure decisions to prevent or stop consumer harm are taken more quickly.

More contentious cases will continue to be reviewed by the RDC, the FCA confirmed.

But senior managers are now able to take decisions on the following:

• a firm’s authorisation or an individual’s approval
• action in straightforward cases to cancel a firm’s permissions and that action is contested
• starting civil proceedings, such as seeking an injunction
• starting criminal proceedings, such as a prosecution for insider dealing
• using the FCA’s powers to vary or limit a firm’s permissions
• using the FCA’s powers to impose requirements on a firm

The reforms are part of wider efforts to transform to a more “innovative and assertive” regulator.

FCA executive director of authorisations Emily Shepperd said: “We are taking a fresh approach to tackling firms and individuals who do not meet the required standards.

“Our new streamlined decision-making process will allow us to be more assertive in stopping harm.”

The FCA will carry out a six-month post-implementation review to assess the effectiveness of the reforms.