FCA is consulting on changes to its decision making process. It plans to move some decision-making from the RDC to the authorisations, supervision and enforcement divisions, to speed up the process and give responsibility for decision making to senior FCA staff members close to the relevant matters.
The plans form part of FCA’s transformation project and will see decisions such as the following transferred away from the RDC:
- the imposition of requirements or varying a firm’s permission by limiting or removing business;
- making final decisions following challenges to authorisation or individual approval application results;
- making a final decision to cancel all permissions of a firm that does not meet regulatory requirements; and
- deciding to start civil or criminal proceedings.
The RDC will still have decision making powers on contentious enforcement cases, where FCA is proposing a disciplinary sanction or imposing a prohibition order.
Consultation closes on 17 September and FCA aims to publish a policy statement around November.