An Update on the FSA's Investigations and Enforcement Regime
Seventh Annual Conference
"I am proud of the diligent work our investigators perform to assemble cases … these cases are difficult and challenging and require dedication, focus and sheer hard work. We are committed to retaining our focus on this through into the new regulatory world." Tracey McDermott, Acting Director, Enforcement and Financial Crime, Financial Services Authority, at the FCA Financial Crime Conference, 22nd June 2011
The FSA has responded robustly to the tide of criticism of the last two years over its investigations and enforcement policy. As well as making full use of its powers under 2010 Financial Services Act, the Authority has raised its game in terms of bringing senior managers to book, looking at the culture of whole firms, the responsibility of CEOs and COOs, rather than just targeting individuals in compliance functions. The recent report on the failings of Royal Bank of Scotland brought this vividly into focus.
Furthermore , a more structured and scientific penalty setting regime is now in place, which aims to make firms lose much more of the benefit of their wrongdoing, and to stop penalties being viewed as a cost of doing business. Since March 2010, the FSA has set its administrative penalties under a regime based on the principles of "disgorgement, discipline and deterrence", and applied a penalty-setting policy comprising five clearly defined stages.
There is still, of course, the structured appeals procedure of the Regulatory Decisions Committee and the Upper Tribunal. But, even here, the RDC will in future give less weight, in terms of precedent value, to cases that have been settled compared to cases that have been decided by the RDC, or that have gone to the Tribunal.
This well established and highly topical conference brings together a speaker faculty of exceptional quality to discuss the latest developments in this critically important area and to guide delegates through how best to prepare for and to handle an FSA investigation, and, if this leads to enforcement action, the strategies and tactics that are likely to result in the best outcome. As in the past, this year's programme will include tangible industry experience in the form of a full case study.
In addition to a keynote address from the FSA, the following topics will be covered:
The conference will be invaluable for all compliance officers, directors, senior managers with financial institutions, as well as their legal and other advisers.
£495
$790
€570 
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