The FCA has published a speech delivered by Therese Chambers, Joint Executive Director of Enforcement and Market Oversight, at the City & Financial Global FCA Investigations and Enforcement Summit. Referring to her last speech on this subject at this same Summit two years ago, Chambers likened this speech to a ‘sequel’, in which the plot may change but the message remains the same.
In summary:
- The FCA expects firms to do the right thing, and where they do, the FCA will work with them.
- The FCA is pragmatic in its approach but will ‘dig in’ when necessary.
- The FCA wants to play its part in creating an environment in which consumers and firms thrive.
In addressing what ‘doing the right thing looks like’, Chambers said that it was about firms ‘keeping their side of the street clean’, by:
- recognising when something has gone wrong, taking responsibility for it, and taking the necessary steps to fix things (including paying redress to those harmed);
- co-operating with the FCA to ensure it will not happen again; and
- being open and honest with the FCA, rather than trying to muddy the waters and keep the FCA from doing its job.
The speech also addresses the FCA’s approach to doing the right thing, the ‘right thing in practice’, the FCA ‘digging in’ when necessary, the FCA’s ‘same resolve to new risks’, and a message fir rims to work with the FCA, or work against it.