The Financial Conduct Authority saw a 64 per cent drop in regulatory cases for individual misconduct in 2017

Despite initial promises to crack down on regulatory failings committed by individuals, the Financial Conduct Authority (FCA) has seen a significant fall in its numbers of cases actually being prosecuted.

A sharp fall was recorded in the number of individuals being referred to the FCA’s Regulatory Decisions Committee (RDC) in financial services in 2017, dropping 64 per cent compared to the previous year.

As an independent panel that hears disputes against FCA findings in cases against firms and individuals for regulatory failings, just 13 individuals were referred to the RDC on charges of regulatory failings last year. This is down from 36 referrals in 2016, in spite of the FCA’s intention to refocus on individual cases, particularly at senior management level.

Source: City.A.M

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