EG 20.1 1Introduction

EG 20.1.1

1The CCA Order gives the FCA the power to enforce the CCA through the application of its investigation and sanctioning powers in the Act by reference to the contravention of CCA Requirements and criminal offences under the CCA. The FCA's investigation and sanctioning powers include the following:

  • power to censure or fine an approved person, or impose a suspension or a restriction on their approval under section 66 of the Act, for being knowingly concerned in a contravention by the relevant authorised person of a CCA Requirement;
  • power to require information and documents, under section 165 of the Act, it reasonably requires in connection with the exercise of the functions conferred on it by the CCA Order;
  • power to appoint an investigator under section 167 of the Act for reasons related to its functions under the CCA Order;
  • power to appoint an investigator under section 168 of the Act where there are circumstances suggesting that an offence under the CCA may have been committed or that a person may have failed to comply with a CCA Requirement;
  • power to impose a requirement under section 196 of the Act on an incoming firm by reference to the contravention or likely contravention of a CCA Requirement;
  • power to censure (under section 205 of the Act) or fine (under section 206 of the Act) an authorised person, or impose a suspension or restriction on their permission (under section 206A of the Act) for the contravention of a CCA Requirement;
  • power to apply to the court for an injunction under section 380 of the Act by reference to the contravention or likely contravention of a CCA Requirement;
  • power to apply to the court for a restitution order under section 382 of the Act by reference to the contravention of a CCA Requirement;
  • power to impose a restitution requirement under section 384 of the Act by reference to the contravention of a CCA Requirement; and
  • power to prosecute under section 401 of the Act an offence committed under the CCA.

EG 20.1.2

1The FCA's approach to taking enforcement action under the CCA Order will mirror its general approach to enforcing the Act, as set out in EG 2. It will seek to exercise its enforcement powers in a manner that is transparent, proportionate, responsive to the issue and consistent with its publicly stated policies. It will also seek to ensure fair treatment when exercising its enforcement powers. Finally, it will aim to change the behaviour of the person who is the subject of its action, to deter future non-compliance by others, to eliminate any financial gain or benefit from non-compliance and, where appropriate, to remedy the harm caused by the non-compliance.

EG 20.1.3

1The FCA has decided to adopt procedures and policies that it currently has in place for the enforcement of the Act in exercising its powers to enforce the CCA. Key features of the FCA's approach are described below.