On 21 June 2023, the Bank of England (BoE) published a speech by Oliver Dearie, its Head of Enforcement and Litigation, on the BoE’s approach to enforcement. In his speech, delivered at the Financial Services Lawyers Association, Mr Dearie explains the rationale behind the changes proposed in the BoE’s recent consultation paper on enforcement (CP9/23).
Mr Dearie explains that the proposals in CP9/23 reflect the lessons the BoE has learned over the last decade and are guided by the following five principles:
- The BoE’s enforcement policies should be clear, transparent and accessible.
- It should learn lessons from past investigations.
- It can and should seek to maximise efficiency in its investigations, and can do so without compromising rigour or fairness.
- Its enforcement policies must actively further its statutory objectives.
- It should further cement the importance of individual accountability.
He also notes that the BoE has a record it is proud of, with enforcement playing a key role in advancing its statutory objectives of financial stability and safety and soundness, and upholding the high standards required for a robust regulatory framework. He confirms that the BoE’s commitment to enforcement is undiminished and that he is confident the regulator will continue to build on its strong enforcement record.
Mr Dearie concludes his speech by reminding firms that the deadline for feedback to CP9/23 is 4 August 2023. The BoE will be hosting roundtable sessions on 27 June and 4 July to provide a further forum for participants to share views.