3Financial penalties, suspensions, restrictions, conditions, limitations, disciplinary prohibitions,2 and public censures are important regulatory tools. However, they are not the only tools available to the FCA, and there will be many instances of non-compliance which the FCA considers it appropriate to address without the use of formal disciplinary sanctions. Still1, the effective and proportionate use of the FCA's powers to enforce the requirements of the Act, the rules, COCON1 and the Statements of Principle for Approved Persons (APER) will play an important role in the FCA’s pursuit of its statutory objectives. Imposing disciplinary sanctions1 shows that the FCA is upholding regulatory standards and helps to maintain market confidence and deter financial crime. An increased public awareness of regulatory standards also contributes to the protection of consumers.1
It may publish a statement:
against a qualifying parent undertaking under section 192K of the Act;
It may impose a financial penalty:
on a natural or legal person who has contravened any provision of the short selling regulation, or any requirement imposed on that person under section 131E or 131F, or any natural or legal person who was knowingly concerned in the contravention, under section 131G of the Act;
on a qualifying parent undertaking under section 192K of the Act;
It may impose a suspension, limitation or other restriction:
3Section 415B of the Act requires the FCA to consult with the PRA before it takes certain enforcement action in relation to a PRA-authorised person or someone who has a qualifying relationship (as defined in section 415B(4) of the Act) with a PRA-authorised person. Further detail on when the FCA is required to consult the PRA, and when it has agreed to notify the PRA of certain matters, is set out in the Memorandum of Understanding between the PRA and the FCA.