The Financial Conduct Authority is launching a consultation on moving some decision-making from its Regulatory Decisions Committee (RDC) to its authorisations, supervision and enforcement divisions.
The regulator is looking to streamline its decision-making and governance.
The FCA said that such changes should enable it to move more quickly to stop and prevent harm.
In its consultation paper, the FCA said it wants to change who decides to issue a statutory notice in certain cases.
As it stands, decisions to issue a statutory notice are made by the RDC and under executive procedures.
Yet, the FCA wants more decisions to be made under executive procedures without involvement from the RDC.
As a result, the regulator proposes to revise the decision-making remit of the RDC.
It means that more decisions would be taken within the different FCA’s divisions with responsibility for the issue.
This includes decisions in several instances, such as a firm’s authorisation or an individual’s approval that is contested or to commence civil proceedings (such as seeking an injunction).
The RDC will continue to make decisions in relation to contentious enforcement cases, where the FCA is proposing a disciplinary sanction or seeking to impose a prohibition order.
FCA executive director of authorisations Emily Shepperd said: “The proposed changes will allow us to be more efficient by making best use of the breadth of expertise across the FCA and by putting certain decisions back to the subject matter experts.
“As a result of that there will be greater accountability in those areas.
“The changes will help to increase the speed and reduce the regulatory costs of dealing with firms and individuals that fail to meet the FCA standards.
“As part of our transformation we will continue to take a fresh approach to tackle firms and individuals who do not meet the required standards.
“As part of this, we aim to become a forward looking, proactive regulator – one that is tough, assertive, confident, decisive and agile.”
The consultation closes on 17 September 2021.
After the consultation, the regulator will review the feedback and publish a policy statement in or around November 2021.
The FCA launched the consultation yesterday.
