DEC 4.2 The Regulatory Decisions Committee
The RDC comprises a Chairman, one or more Deputy Chairmen, and other members.
The RDC is a body outside the FSA's management structure. Apart from the Chairman, none of the members of the RDC is an FSA employee. The members represent the public interest and comprise:
- (1)
current and recently retired practitioners with financial services industry skills and knowledge; and
- (2)
non-practitioners.1
Appointment and removal of members of the RDC
The Chairman of the RDC is appointed by the FSA Board on the recommendation of an independent group established by the Board for that purpose. A non-executive member of the FSA Board chairs the independent group. The FSA Board also appoints all other members of the RDC, including its Deputy Chairman or Deputy Chairmen, on the recommendation of the Chairman of the RDC.
All members of the RDC are appointed for fixed periods.
Constitution and procedure of the RDC
The RDC will meet as a full committee or in panels. Except in an urgent supervisory notice case, where the Chairman or a Deputy Chairman and, where possible, any one other member of the RDC will make a decision (see DEC 4.5.7 G (2)), each meeting of the RDC will include:
However, the composition and size of panels of the RDC, and the frequency of their meetings, may vary depending on the nature of the particular matter under consideration.
- (1)
If a member of the RDC has a potential conflict of interest in any matter before the RDC he will disclose the conflict to the Chairman of the RDC (or if he is the Chairman of the RDC, to the Chairman or Deputy Chairman of the FSA). He will also disclose the conflict to the RDC Office2.
2 - (2)
If the Chairman of the RDC (or where appropriate the Chairman or Deputy Chairman of the FSA) considers it reasonable and appropriate, he will require the member of the RDC to stand down from consideration of that particular matter. The Chairman of the RDC (or Chairman or Deputy Chairman of the FSA) may ask another member of the RDC to assist him in considering the potential conflict.
Consideration of previous breaches
FSA staff are entitled to put to the RDC the previous disciplinary record of a person, including any previous breach of the Act, the Principles, or other rules (including the record prior to the Act). FSA staff may also draw to the RDC's attention the compliance history of a person, including that under previous legislation.
The RDC may not consider any of the matters in DEC 4.2.15 G for the purpose of proving a later breach. The matters in DEC 4.2.15 G may be considered when determining whether to take action or, where appropriate, as one of the factors described in ENF 13.3.3 G, in determining the level of the financial penalty.