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The Regulatory Decisions Committee

The Regulatory Decisions Committee (RDC) has the power to take decisions on behalf of the Financial Conduct Authority relating to enforcement and supervisory actions against companies or individuals, firm authorisation and individual approval applications.

The Committee can also issue notices in respect of the following:

  • Cancellation of permission and registration;
  • Prohibitions;
  • Financial Penalties;
  • Suspensions and Restrictions;
  • Withdrawal of approval;
  • Public censure

Statutory Notices

The RDC can issue the following types of notice:

  • Warning notice - when it proposes to take action against a firm or individual
  • Decision notice - after representations have been received on a warning notice
  • Supervisory notice

Warning Notices

Warning notices are issued when the Committee intends to take enforcement action against an individual or company, or where it refuses an application for authorisation.

The recipient of a notice will have the right to respond through oral or written representations. The Financial Conduct Authority’s enforcement team will respond and the Committee will then make a determination. If the recipient does not respond to the warning notice, the Committee will assume that the facts are not disputed and issue a Decision Notice.

It is important to seek legal advice at an early stage to provide advice and assist in the preparation of written representations to address the allegations that form the basis of the warning notice. Representations can be made in writing, orally or both.

Representation meeting

The Regulatory Decisions Committee can refer the matter for a meeting between you and officers of the FCA’s enforcement team if they deem it appropriate. An individual can request an oral hearing. The purpose of the hearing is for the Respondent to have their say. An individual will not be able to cross examine FCA enforcement officers, nor will the FCA be able to cross examine the Respondent.

Representation can be crucial to ensure that a company or individual is fully prepared and able to make cogent representations. This is to prevent the imposition of enforcement action, or ensure that any enforcement steps taken against a respondent are fair and proportionate and does not result in prohibition or withdrawal of permission by the Regulator.

Supervisory Notice

The Financial Conduct Authority will issue a Supervisory Notice where it intends to take action against a company or individual under the Financial Services Management Act (FSMA) 2000. A recipient of a supervisory notice will have 14 days to respond. Seeking the correct advice is crucial to avoid being unfairly penalised.

Upper Tribunal

A recipient of a Supervisory Notice can refer the matter to the Upper Tribunal if it seeks to challenge the decision of the Regulator. Any Appeal to the Upper Tribunal must be lodged within 28 days of receiving the notice. The Upper Tribunal has the power to set aside a Supervisory Notice.

If you are subject to investigation by the Financial Conduct Authority enforcement team or have been referred to the Regulatory Decisions Committee and require advice or assistance, contact one of our lawyers today on 0808 168 5550 or email info@cartwrightking.co.uk.

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