FCA has confirmed the changes to its decision-making process that will allow more decisions to be taken by senior managers rather than by the RDC. Senior managers will be able to make decisions under “executive procedures” on:
- authorisation for a firm or approval for an individual
- action in straightforward contested cases to cancel a firm’s permissions
- starting civil or criminal proceedings
- using FCA’s powers to vary or limit a firm’s permissions or impose requirements.
FCA received several responses, many of which expressed concern that the RDC is seen as essential in ensuring procedural fairness. FCA has, however, decided not to make any changes from what it proposed, and has implemented changes to DEPP and EG accordingly.
The more contentious matters will still be reserved for the RDC. The changes had immediate effect from 26 November and FCA will carry out a post-implementation review after 6 months.