Enforcement landscape shifts as FCA embraces early intervention

The regulator's pivot to a more holistic approach to ensuring industry compliance and its focus on early interventions is showing up in areas of increased activity, while fewer cases are being referred to Enforcement. James Tyler analyses the statistics and trends.

James Tyler (jtyler@petersandpeters.com) is of counsel at Peters & Peters. He joined the firm in 2021 from the FCA, where he worked as a prosecutor and investigation lawyer.

The Financial Conduct Authority has undergone major change in recent years. At the top, Nikhil Rathi replaced Andrew Bailey as its CEO in October 2020. Then, and perhaps of greatest impact on FCA enforcement, in March last year, Mark Steward stood down and was replaced by two joint Heads of Enforcement: Therese Chambers and Steve Smart. In the same period, the FCA was the subject of scathing criticism for failing to protect consumers in the Gloster Report, commissioned following the collapse of London Capital & Finance in late 2020. [1]