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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

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  1. Point in time

EG 5.2 1When settlement decisions may take place

EG 5.2.1RP

1Settlement discussions between FCA staff and the person concerned are possible at any stage of the enforcement process if both parties agree.

EG 5.2.2RP

1The FCA considers that in general, the earlier settlement discussions can take place the better this is likely to be from a public interest perspective. However, the FCA will only engage in such discussions once it has a sufficient understanding of the nature and gravity of the suspected misconduct or issue to make a reasonable assessment of the appropriate outcome. At the other end of the spectrum, the FCA expects that settlement discussions following a decision notice or second supervisory notice will be rare.

EG 5.2.3RP

1In the interests of efficiency and effectiveness, the FCA will set clear and challenging timetables for settlement discussions to ensure that they result in a prompt outcome and do not divert resources unnecessarily from progressing a case through the formal process. To this end, the FCA will aim to organise its resources so that the preparation for the formal process continues in parallel with any settlement discussions. The FCA will expect firms and others to give it all reasonable assistance in this regard.

EG 5.2.4RP

2The FCA will engage senior management in discussions (either heads of department or directors), liaising where appropriate with the settlement decision makers, attending a without prejudice meeting during discussions or arranging for the attendance of an appropriately senior FCA representative.