Enforcement

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js-view-dom-id-e15fecae19d99956d0a96d7d04da704bc996a0222ef4386710e85f16078f3e13"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/authorisation-menu" hreflang="en">Authorisation</a></li> <li class="menu--item"><a href="/about/how-we-regulate/enforcement" hreflang="en">Enforcement</a></li> <li class="menu--item"><a href="/about/how-we-regulate/handbook" hreflang="en">Handbook of rules and guidance</a></li> <li class="menu--item"><a href="/about/how-we-regulate/international-standards-regulations" hreflang="en">International standards and regulations</a></li> <li class="menu--item"><a href="/about/how-we-regulate/supervision" hreflang="en">Supervision</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">How we operate</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-a470b52a462239b0075e184cc989d0a0cd52853359abea6064a7d3a39c99fc78"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/about/how-we-operate/complain-about-regulators" hreflang="en">Complain about us, the PRA or the Bank of England (the regulators)</a></li> <li class="menu--item"><a href="/about/how-we-operate/corporate-responsibility" hreflang="en">Corporate responsibility</a></li> <li class="menu--item"><a href="/about/how-we-operate/diversity-equity-inclusion" hreflang="en">Diversity, equity and inclusion</a></li> <li class="menu--item"><a href="/about/how-we-operate/environmental-sustainability" hreflang="en">Environmental sustainability</a></li> <li class="menu--item"><a href="/about/how-we-operate/who-work-with" hreflang="en">Who we work with</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Who we are</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-9745414044e172250ab72059b2e9b82951c19d1f94e6416d5b2987f1b84f0420"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/about/who-we-are/chair" hreflang="en">Chair</a></li> <li class="menu--item"><a href="/about/who-we-are/chief-executive" hreflang="en">Chief Executive</a></li> <li class="menu--item"><a href="/about/who-we-are/committees" hreflang="en">Committees</a></li> <li class="menu--item"><a href="/about/who-we-are/executive-committees" hreflang="en">Executive committees</a></li> <li class="menu--item"><a href="/about/who-we-are/fca-board" hreflang="en">FCA Board</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Join us</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-ec6937b09cbb32230d3b0bfe9ad0cb49f6e737de8272fb6ee9bb41768c406cc8"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/careers-home" hreflang="en">Careers home</a></li> <li class="menu--item"><a href="/careers/early-careers" hreflang="en">Early careers</a></li> <li class="menu--item"><a href="/careers/experienced-professionals" hreflang="en">Experienced professionals</a></li> </ul> </div> </div> </div> </div> </div> <div class="views-element-container form-group"><div class="megamenu-footer view view-megamenu-footer view-id-megamenu_footer view-display-id-block js-view-dom-id-45d96425cb8809ba1a9f96ab28b6596003a2a056173731d152cbe3eec8b7aa84"> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </li> <li class="tb-megamenu-item level-1 mega dropdown col-xs-12 col-sm-2 mega-menu__level-one-item mega-menu__firms"> <a href="/firms" class="dropdown-toggle mega-menu__level-one-link" data-drupal-link-system-path="node/2886">Firms</a> <div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_block_contextual dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="views-element-container form-group"><div class="megamenu-promo view view-megamenu-promo-content view-id-megamenu_promo_content view-display-id-block js-view-dom-id-bc797339933a3aa7d5469c8913655262dbc2e224a1baea86188d44516b69fb7f"> <h3 class="promo-block__title heading__underline">Firms overview</h3> <div class="view-content"> <div class="views-row"><div class="promo-block__copy"><p>Go to our dedicated section to see support for firms and our latest policy updates.</p> <p> </p> </div><a href="/firms" class="promo-block__read-more btn btn--arrow-right" aria-label="Firms overview - Find out more">Find out more</a></div> </div> </div> </div> <div class="megamenu-categories"> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><a href="/firms/authorisation" hreflang="en">Firm authorisation</a></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-e56a61366e171f6d4bfe7c5be1d5d2acec4e0a40651d978d580d93974c7563e8"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/authorisation" hreflang="en">Authorisation</a></li> <li class="menu--item"><a href="/firms/authorisation/cancel" hreflang="en">Cancelling an authorisation or registration</a></li> <li class="menu--item"><a href="/firms/check-if-firm-authorised" hreflang="en">Check if a firm is authorised</a></li> <li class="menu--item"><a href="/firms/authorisation/apply" hreflang="en">How to apply for authorisation or registration</a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Regulated firms</span></h4><div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_firms_types js-view-dom-id-68e6e96541e61110f9d018e16d55a0f49e8abc076c58f5558d292eec9fd11424 dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="megamenu-categories"> <div class="item-list firms-types"> <ul> <li class="menu--item"><a href="/firms" hreflang="en">All firms</a></li> <li class="menu--item"><a href="/firms/claims-management-companies" hreflang="en">Claims management companies</a></li> <li class="menu--item"><a href="/firms/consumer-credit" hreflang="en">Consumer credit firms</a></li> <li class="menu--item"><a href="/firms/electronic-money-payment-institutions" hreflang="en">Electronic money and payment institutions</a></li> <li class="menu--item"><a href="/firms/funeral-plan-providers-intermediaries" hreflang="en">Funeral plan providers and intermediaries</a></li> <li class="menu--item"><a href="/firms/innovation" hreflang="en">Innovation Hub</a></li> <li class="menu--item"><a href="/firms/mutual-societies" hreflang="en">Mutual societies</a></li> </ul> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><span class="no-link">Tasks for firms</span></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-bac479b6f4b3ebd688905c007bd7f0b77e2c5a7d63c428d56d09c3bd5b43de22"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/approved-persons" hreflang="en">Approved persons</a></li> <li class="menu--item"><a href="/firms/change-control" hreflang="en">Change in control</a></li> <li class="menu--item"><a href="/firms/fees" hreflang="en">Fees and levies</a></li> <li class="menu--item"><a href="/firms/firm-details" hreflang="en">Keeping your firm's details up to date</a></li> <li class="menu--item"><a href="/firms/appointed-representatives-principals" hreflang="en">Principals and appointed representatives </a></li> </ul> </div> </div> </div> </div> <div class="megamenu-category col-sm-4 col-lg-4"><h4 class="menu__heading heading__underline"><a href="/firms/consumer-duty" hreflang="en">Focus areas</a></h4><div class="view view-megamenu-block-items view-id-megamenu_block_items view-display-id-default js-view-dom-id-02b0d45e8ba9d0d06dd23d8840a3a7efa320bc4f5cb00c9e4f6c37d97394edd1"> <div class="view-content"> <div class="item-list"> <ul> <li class="menu--item"><a href="/firms/consumer-duty" hreflang="en">Consumer Duty</a></li> <li class="menu--item"><a href="/firms/cost-living-firm-information" hreflang="en">Cost of living: firm information</a></li> <li class="menu--item"><a href="/firms/cryptoassets-information" hreflang="en">Cryptoassets</a></li> <li class="menu--item"><a href="/firms/access-to-cash" hreflang="en">Helping people access cash</a></li> <li class="menu--item"><a href="/firms/regulatory-framework-reforms" hreflang="en">Regulatory framework reforms</a></li> <li class="menu--item"><a href="/firms/senior-managers-certification-regime" hreflang="en">Senior Managers and Certification Regime </a></li> </ul> </div> </div> </div> </div> </div> <div class="views-element-container form-group"><div class="megamenu-footer view view-megamenu-footer view-id-megamenu_footer view-display-id-block js-view-dom-id-134b32f00340dc85c97c712fc5f4cfcb96f19a4e4a7395316ebffa0db8a93e92"> <div class="view-content"> <div style="background-image: url(https://www.fca.org.uk/sites/default/files/styles/no_style/public/media/images/megamenu-banner-consumer-duty-350_78.jpg?itok=5eIJffZC);" class="megamenu-footer__image" > </div> <div class="views-row"><div class="megamenu-footer__copy"><p class="megamenu-footer__title">Consumer Duty </p> <p>We're hosting events to help firms prepare for the new rules. Sign up to hear about these and related communications.</p> </div><a href="/sign-consumer-duty-email-updates" class="megamenu-footer__read-more btn btn--arrow-right" aria-label="Consumer Duty - Sign up">Sign up</a></div> </div> </div> </div> <button tabindex="0" aria-label="Close menu link" class="megamenu__close btn--close text-hide hidden-xs js-megamenu-close">Close menu</button> </div> </div> </div> </div> </li> <li class="tb-megamenu-item level-1 mega dropdown col-xs-12 col-sm-2 mega-menu__level-one-item mega-menu__markets"> <a href="/markets" class="dropdown-toggle mega-menu__level-one-link" data-drupal-link-system-path="node/2891">Markets</a> <div class="megamenu__menu view view-megamenu-block view-id-megamenu_block view-display-id-megamenu_block_contextual dropdown-menu mega-menu__level-two-wrapper"> <div class="view-content"> <div class="container"> <div class="row"> <div class="views-element-container form-group"><div class="view view-megamenu-promo-content 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class="region region-highlighted"> <div data-drupal-messages-fallback class="hidden"></div> </div> </div> <a id="main-content"></a> <div class="region region-content"> <div class="container container-header-- "> <div class="row row--relative"> <div data-history-node-id="6066" about="/about/how-we-regulate/enforcement" class="article-header col-xs-12 four-step-limit col-sm-9"> <h1 class="page-header"> <span>Enforcement</span> </h1> <div class="article-meta "> <span class="pubdate">First published: <time datetime="2016-04-21T04:06:00Z">21/04/2016</time> </span> <span class="pubdate latest">Last updated: <span class="date">14/10/2024</span></span> <span class="revisions"><a href="#revisions">See all updates</a></span> </div> </div> </div> </div> <div class="container"> <div class="row"> <article data-history-node-id="6066" about="/about/how-we-regulate/enforcement" class="article-header col-xs-12 four-step-limit col-sm-9 has-sidebar clearfix"> <div class="node-content__wrapper node-content__wrapper--border"> <section class="copy-highlighted copy-block component fca-colour--6c1d45 default"> <div class="container"> <p>Find out more about our enforcement powers, including how we protect consumers and act against firms and individuals that don’t meet our standards.</p> </div> </section> <div class="rhn__on-this-page visible-xs rhn__on-this-page--about_us"> <button class="rhn__button"> <h2 class="h3">On this page <img src="/themes/custom/fca/images/document.svg" alt=""></h2> </button> <ul class="nav navbar-nav"><li><a href="#section-publications-notices">Publications & Notices</a></li><li><a href="#section-financial-penalties">Financial penalties</a></li><li><a href="#section-annual-fines">Annual fines</a></li></ul> </div> <section class="copy-block fca-about"> <div class="container"> <p paraeid="{05d7ea7b-f0b2-425f-afa2-c4c914c410d4}{187}" paraid="1800350824">It is important that firms and individuals are held to account when they have caused significant harm to consumers or markets. It is also important to deter wider misconduct, not just to penalise instances of misconduct. We consider the deterrent impact of any enforcement action we take and focus our efforts on achieving impactful deterrence aligned to the FCA’s strategic priorities with particular focus on: putting consumers’ needs first, delivering assertive action on market abuse and reducing and preventing financial crime.  </p> <p paraeid="{05d7ea7b-f0b2-425f-afa2-c4c914c410d4}{233}" paraid="815126387">We use a wide range of enforcement powers – criminal, civil and regulatory – to protect consumers and act against firms and individuals that don’t meet our standards. These powers include imposing financial penalties, prohibiting individuals from carrying out regulated activities, public censure and prosecution.   </p> <p paraeid="{05d7ea7b-f0b2-425f-afa2-c4c914c410d4}{243}" paraid="2138517392">You can find out more about how we operate in the <a href="https://www.handbook.fca.org.uk/handbook/DEPP/" rel="noreferrer noopener" target="_blank">Decision Procedure and Penalties Manual</a> (DEPP) and <a href="https://www.handbook.fca.org.uk/handbook/EG/" rel="noreferrer noopener" target="_blank">Enforcement Guide</a>.  </p> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{4}" paraid="443068642">Our <a href="https://www.fca.org.uk/publication/corporate/enforcement-information-guide.pdf" rel="noreferrer noopener" target="_blank">Enforcement information guide</a> gives an overview of our enforcement powers, our typical process for enforcement cases, and information on mediation and settlement.</p> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{23}" paraid="1920547395">We are currently consulting on our proposed new approach to publicising enforcement investigations and simplifying the Enforcement Guide. The <a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="80342701-eae6-470c-92b6-b91ef240482b" href="/publications/consultation-papers/cp24-2-enforcement-guide-publicising-enforcement-investigations-new-approach" title="CP24/2: Our Enforcement Guide and publicising enforcement investigations - a new approach">Consultation</a> is open until 30 April 2024 and we welcome feedback.</p> </div> </section> <section id="section-publications-notices" class="copy-block fca-about"> <div class="container"> <h2>Publications & Notices</h2> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{53}" paraid="1109872495">Openness about our work helps the firms we regulate see and understand the type of serious failings that can lead to enforcement action. Transparency also informs the public and drives our accountability.</p> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{63}" paraid="314775636">Various notices connected to our work can be found on the FCA website:  </p> <ul> <li paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{79}" paraid="230148309"><a href="https://www.fca.org.uk/publications/search-results?np_category=notices%20and%20decisions-warning%20notices&start=1" rel="noreferrer noopener" target="_blank">Warning notices</a> are issued when we propose taking action, a warning notice is not the final decision of the FCA. The subject has the right to make representations to the Regulatory Decisions Committee (RDC) which, in the light of those representations, will decide on the appropriate action and whether to issue a decision notice. We may publish some of the details of the warning notice in a statement on our website.   </li> <li paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{103}" paraid="1587567401"><a href="https://www.fca.org.uk/publications/search-results?np_category=notices%20and%20decisions-decision%20notices&start=1" rel="noreferrer noopener" target="_blank">Decision notices</a> are issued and published when we decide to take action. </li> <li paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{117}" paraid="1221987887"><a href="https://www.fca.org.uk/publications/search-results?np_category=notices%20and%20decisions-final%20notices&start=1" rel="noreferrer noopener" target="_blank">Final notices</a> are issued when we take action. </li> </ul> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{131}" paraid="1458239025">The FCA website also contains <a href="https://www.fca.org.uk/publications/search-results?np_category=notices%20and%20decisions-supervisory%20notices&start=1" rel="noreferrer noopener" target="_blank">supervisory notices</a>, <a href="https://www.fca.org.uk/publications/search-results?np_category=notices%20and%20decisions-requirement%20notices&start=1" rel="noreferrer noopener" target="_blank">requirement notices</a>, <a href="https://www.fca.org.uk/publications/search-results?np_category=notices%20and%20decisions-cancellation%20notices&start=1" rel="noreferrer noopener" target="_blank">cancellation notices</a> and other publications. </p> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{158}" paraid="250846421">Notices are part of our <a href="https://www.fca.org.uk/freedom-information/fca-publication-scheme" rel="noreferrer noopener" target="_blank">publication scheme</a> under the Freedom of Information Act 2000.</p> </div> </section> <section id="section-financial-penalties" class="copy-block fca-about"> <div class="container"> <h2>Financial penalties</h2> <p paraeid="{a8fee2fc-5358-45de-8d4f-87b8f9fc96d8}{179}" paraid="852771197">We also set out the details of the financial penalties we impose for each calendar year.</p> </div> </section> <section id="section-annual-fines" class="expandable-content component fca-about"> <div class="nav nav-stacked component component--expandable" id="expandable966486"> <div class="expandable panel component"> <a class="expandable-title collapsed" data-toggle="collapse" href="#expandable966481" aria-expanded="false"> <p> Annual fines </p> </a> <div id="expandable966481" class="collapse"> <div class="expandable-body copy-block"> <p><a href="https://www.fca.org.uk/news/news-stories/2024-fines">2024 fines</a></p> <p><a href="/news/news-stories/2023-fines" data-entity-type="node" data-entity-uuid="3aaf112c-4568-4a76-931e-672ce1c72e92" data-entity-substitution="canonical" title="2023 fines">2023 fines</a></p> <p><a href="/news/news-stories/2022-fines" data-entity-type="node" data-entity-uuid="7090ff3a-563a-4031-8e73-a85fd3223a95" data-entity-substitution="canonical" title="2022 fines">2022 fines</a></p> <p><a href="/news/news-stories/2021-fines">2021 fines</a></p> <p><a href="/news/news-stories/2020-fines">2020 fines</a></p> <p><a href="/news/news-stories/2019-fines">2019 fines</a></p> <p><a href="/news/news-stories/2018-fines">2018 fines</a></p> <p><a href="/news/news-stories/2017-fines">2017 fines</a></p> <p><a href="http://www.fca.org.uk/news/fines-table-2016">2016 fines</a></p> <p><a href="http://www.fca.org.uk/news/fines-table-2015">2015 fines</a></p> <p><a href="http://www.fca.org.uk/news/fines-table-2014">2014 fines</a></p> <p><a href="http://www.fca.org.uk/news/fines-table-2013">2013 fines</a></p> <p><a href="http://webarchive.nationalarchives.gov.uk/20130403023549/http:/www.fsa.gov.uk/about/press/facts/fines" target="_blank">FSA fines</a></p> </div> </div> </div> </div> </section> <section class="copy-block default"> <div class="container"> <h3>Financial Penalty Scheme</h3> <p>Under the Financial Services Act 2012, we must pay the financial penalties we receive from firms and individuals to the Treasury, except to the extent they equal certain of our enforcement costs (retained penalties).</p> <p>Our Financial Penalty Scheme sets out how we use retained penalties for the benefit of other firms.</p> <p><a data-entity-substitution="canonical" data-entity-type="node" data-entity-uuid="66c83627-9a4e-4df7-a385-74a42b1a1dcb" href="/publications/corporate-documents/financial-penalty-scheme" title="Financial Penalty Scheme">Find out how the scheme works</a></p> <h2>Press releases</h2> <p>When appropriate we issue press releases about our work or the misconduct we see. See the latest <a href="https://www.fca.org.uk/news/search-results?n_search_term=enforcement&np_category=press%20releases&start=1">FCA press releases</a>.</p> <p>You can find <a href="http://webarchive.nationalarchives.gov.uk/20140717143601/http://www.fsa.gov.uk/library/communication/pr" target="_blank">FSA press releases</a> on the National Archives website.</p> </div> </section> <div 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