ABSTRACT
This chapter describes the procedures relating to enforcement action taken by the FCA and PRA. The PRA and FCA are each required by section 69(1) FSMA to maintain a 'statement of policy' in respect of their sanctioning powers. The FCA satisfies this requirement with its Decision Procedure and Penalties ('DEPP') manual. The PRA possesses an equivalent set of disciplinary powers to those of the FCA, which may be used in respect of 'dual-regulated firms'. The regulators' powers to gather information for supervisory and enforcement purposes are extensive and intrusive. The chapter considers those powers that are most relevant for individuals. There is nothing on the face of the legislation that prevents the FCA from both certifying non-compliance to the court to be treated as contempt and taking regulatory action for misconduct. Section 166 FSMA provides the regulators with a power to commission a report from a 'skilled person'.
