Government launches review of FCA and PRA enforcement processes

On 6 May 2014, the chancellor of the Exchequer announced that HM Treasury would undertake a review of the enforcement decision-making processes for the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

The review will consider whether the institutional arrangements and processes that the FCA and the PRA have in place in relation to their enforcement processes strike an appropriate balance between fairness, transparency and efficiency.

As a first step, HM Treasury has issued a ‘call for evidence’ (which is similar to a consultation process). As part of the call for evidence, HM Treasury has invited interested parties to provide responses to a number of questions (which are set out at the end of this bulletin). Responses to these questions must be submitted by 17:00 on 4 July 2014. Allen & Overy intends to submit a response to HM Treasury’s call for evidence and invites clients who would like to be involved, or would like to share their views with us, to make contact with the key contacts listed at the end of this bulletin…

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