The FCA has published a speech given by Jamie Symington, Director of Investigations at the FCA. The speech is entitled Our investigations – the evolving approach.
In his speech Mr Symington discusses how the FCA uses its powers of investigation, and how this is evolving to fit with the regulator’s recently published Mission. Mr Symington makes clear that the FCA does not use investigations only as a precursor to contemplated enforcement action when something has gone wrong. But rather, investigation is a tool for finding out what has happened.
Other highlights in the speech include:
- the FCA has a responsibility to investigate where the statutory threshold for opening an investigation is met and where the public importance of investigation is high;
- as set out in its Mission, the decision making framework begins with the FCA defining the issue involved and how it may harm users of the relevant financial service. That analysis of the harm or potential harm to market users is critical to the process of deciding whether it is appropriate to open an investigation. This analysis applies across all aspects of the FCA’s regulatory remit; and
- the FCA’s foremost cross-sector priority is to improve culture and governance in firms. It sees culture change as the key aim of its work on individual accountability which is why the senior managers’ regime for deposit takers and the forthcoming senior managers’ and certification regime for all other firms are key work streams in its Business Plan
View Our investigations – the evolving approach, 15 June 2017