The FSA's Consultation Paper on Enforcement Financial Penalties Closes Tomorrow

The Financial Services Authority (FSA) is in the final stages of consulting on proposed changes as to how to make to Decision Procedure and Penalties manual (DEPP) and Enforcement Guide (EG) fall into three categories:

1. A new framework in DEPP for determining the appropriate level of financial penalty in enforcement cases, with the intention of improving the transparency and consistency of our penalty-setting process, and increasing penalties in line with our credible deterrence strategy;
2. An explanation in DEPP of our approach in cases where a person claims the imposition of a financial penalty will cause serious financial hardship; and
3. Amendments to the statement in EG of our policy in relation to publicising our action in criminal investigations.
   
   

A link to the FSA's can be found here: http://www.fsa.gov.uk/pubs/cp/cp09_19.pdf

The link to the online response form is here: http://www.fsa.gov.uk/pages/Library/Policy/CP/2009/cp09_19_response.shtml

The deadline for comments is tomorrow, however they usually allow a few days grace.

I'll be one of the talking heads discussing this with an audience in the City later on today. Might see you there!

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