In its bid to be more assertive, the Financial Conduct Authority has enacted a change to enable senior manager to take more decisions rather than relying on its Regulatory Decisions Committee. The move, detailed in policy statement PS21/16, aims to ensure decisions to prevent or stop consumer harm are taken more quickly.

Senior managers at the regulator can now take decisions on the following: a firm’s authorisation or an individual’s approval; action in straightforward cases to cancel a firm’s permissions and that action is contested; starting civil proceedings, such as seeking an injunction; starting criminal proceedings, such as a prosecution for insider dealing; using the FCA’s powers to vary or limit a firm’s permissions and using the FCA’s powers to impose requirements on a firm.

Emily Shepperd, executive director of authorisations at the FCA, said: “We are taking a fresh approach to tackling firms and individuals who do not meet the required standards. Our new streamlined decision-making process will allow us to be more assertive in stopping harm.”

The FCA said it would carry out a 6-month post-implementation review to assess the effectiveness of the reforms.

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