The FCA saw a dramatic increase in the number of UK financial firms and insurers referred to its independent decisions committee

The FCA has seen a significant increase on the number of financial firms to be referred to it’s independent decisions committee.

In 2016, 289 firms referred. In 2017, the number shot up to 476, a 61% increase.

On the other hand, the number of individuals referred decreased from 36 in 2016 to just 13 in 2017.

A spokesperson for the FCA has stated that the regulator has stuck to its guns when it comes to its approach.

They said: “There has been no change in our approach to misconduct or financial penalties. We remain committed to investigating and holding firms and individuals to account for misconduct and ensuring wrongdoers pay for the costs of remediation. In fact, the FCA is doing more enforcement not less - over the last year alone there has been a significant increase, of 75%, in the number of investigations we have commenced.”

 

2016JanFebMarAprMayJunJulAugSepOctNovDec TOTAL

Firms

10

12

21

21

21

30

16

40

25

28

40

25

289

Individuals

  

8

2

15

1

2

5

1

1

  

1

  

36
                           

 

 

Cancellations

10

10

21

18

20

30

16

40

25

28

40

25

283

Prohibitions

  

8

2

15

2

2

5

1

1

  

1

  

37

Financial

Penalty

  

5

1

16

1

      

1

  

1

  

25

Public Censure

      

1

                

1

Imposition of requirement

  

1

                    

1

 

2017JanFebMarAprMayJunJulAugSepOctNovDec TOTAL

Firms

44

47

40

24

53

34

48

37

20

50

41

38

476

Individuals

5

  

1

1

1

1

1

    

3

    

13
                           

 

 

Cancellations

41

47

39

24

53

34

48

36

20

50

41

37

470

Prohibitions

5

  

1

1

1

1

1

    

3

  

1

14

Financial

Penalty

6

  

1

      

1

          

8

Public Censure

2

                      

2

Imposition of requirement

              

1

      

1

2

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