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EG 11.1 1Restitution orders under sections 382, 383 and 384 of the Act: the FCA's general approach

EG 11.1.1RP

1Decisions about whether to apply to the civil courts for restitution orders under the Act will be made by the executive2 director of Enforcement or, in his or her absence, the acting executive director of Enforcement2.

EG 11.1.2RP


EG 11.1.3RP

1The FCA has power to apply to the court for a restitution order under section 382 of the Act and (in the case of market abuse) under section 383 of the Act. It also has an administrative power to require restitution under section 384 of the Act. When deciding whether to exercise these powers, the FCA will consider whether this would be the best use of the FCA's limited resources taking into account, for example, the likely amount of any recovery and the costs of achieving and distributing any sums. It will also consider, before exercising its powers: other ways that persons might obtain redress, and whether it would be more efficient or cost-effective for them to use these means instead; and any proposals by the person concerned to offer redress to any consumers or other persons who have suffered loss, and the adequacy of those proposals. The FCA expects, therefore, to exercise its formal restitution powers on rare occasions only.

EG 11.1.4RP

1Instances in which the FCA might consider using its powers to obtain restitution for eligible counterparties are likely to be very limited.