Settlements and sabre rattling

Threats of tough action from Canary Wharf, if financial services firms and individuals fail to meet their regulatory responsibilities, are nothing new. But in the Financial Conduct Authority's determination to bring senior managers to book for lapses, the director of enforcement and financial crime Tracey McDermott has revealed a change in approach to resolving cases.

Esther Martin, editor

Within a speech at the NERA Economic Consulting seminar on 9 October, she alluded to more focus at the approval stage, increased supervisory attention such as attestations, along with greater emphasis on individuals at the investigation stage, and added: "You will no doubt all be aware of the increasing number of interviews we are routinely conducting of senior people in our investigations. You will also see us refusing to settle cases where firms try to make a clean sheet for individuals as part of the deal."