Our expert employment law solicitors offer specialist representation for financial advisors in all cases presented by the Financial Conduct Authority (FCA).
We also offer representation in certain cases presented by the Prudential Regulation Authority (PFA).
The Regulatory Process
The FCA has a supervisory and enforcement division;they manage any formal investigation or complaint brought against individuals and companies operating in the financial industries. Any case found relevant for malpractice is handed to an investigator, and the company involved is notified of the investigation.
If an investigator fails to find resolution through an executive settlement, the company will be sent a warning notice, and the matter handed to the Regulatory Decisions Committee (RDC). A meeting will be held to resolve the situation, and the company or individual involved should provide written information in advance wherever possible and further verbal information as requested at the meeting. They also have the right to view all the information held by the RDC.
Once the investigation is complete, the RDC will issue a decision notice to outline the reasons for their verdict. The final notice outlines the proposed actions for resolution.