UK Regulator Consults on Mission Approach Documents for Supervision and Enforcement

The U.K. Financial Conduct Authority has published two consultations, seeking feedback on draft documents setting out its regulatory approach to supervision and enforcement. The two documents, once finalized, will form part of a series of formal approach documents explaining the FCA's approach to regulation in more depth. They should be read alongside the FCA's Mission document, which was first published in October 2016 and most recently updated in November 2017.

In the consultation on its approach to supervision, the FCA explains its role in ensuring fair and honest markets, why and how the FCA prioritizes its supervision work and how it supervises regulated firms and individuals in practice. Respondents are asked to comment on whether the document set out the FCA's approach to supervision clearly and if there are there other issues relating to the FCA's approach to supervision that could benefit from further clarification.

In the consultation on its enforcement approach, the FCA explains how it identifies harm and diagnoses harm through its investigations. It discusses the various sanctions and remedies the FCA has in its toolkit, and explains how the FCA evaluates its approach to enforcement and how it measures its performance. The FCA asks for comments on whether the document clearly sets out its approach to enforcement and, to the extent its approach is unclear, what more it could do to explain or clarify its approach.

Both consultations close on June 21, 2018. The final approach documents will be published later in 2018.

View the consultation on the FCA's supervision approach.

View the consultation on the FCA's enforcement approach.

View the FCA Mission.