A Practitioner's Guide to FSA Investigations and Enforcement

The conclusions of the Enforcement Process Review and recent developments in case law have led to some significant changes in the FSA's approach to its enforcement function. The Enforcement Division is now a more fully integrated regulatory tool within the FSA, focused on delivering the FSA's priority strategic areas. As a result, it now shares the same priorities as the Wholesale and Retail Business Units: market abuse and market misconduct for the wholesale area and, for the retail area, the Treating Customers Fairly agenda, payment protection insurance, equity release and mortgage endowment complaints handling.In addition, the FSA has deliberately shifted towards a more principles-based regulatory style and has recently made it clear that it will increasingly take enforcement action based on principles alone. This development has significant implications for regulated firms that have come to rely on the greater certainty of rules-based compliance.
The results of the FSA's review of the enforcement and decision making manuals are also covered, in which the two Handbook modules will be replaced with a new module - the Decision Procedure and Penalties manual and a new regulatory guide - the Enforcement Guide.This best-selling title brings together authors of exceptional quality. In 14 chapters, the contributors explain the key principles that underpin FSA enforcement regime. The book offers a guide to how these principles must be followed so the question of an FSA investigation or enforcement action does not arise. In the event of an FSA investigation, the contributors explain how it should be prepared for and handled and, if the investigation leads to enforcement action, the strategies and tactics that are likely to result in the best outcome.