On December 18, 2014, the UK HM Treasury published a final report on the fairness, transparency, speed and efficiency of the institutional arrangements and processes for enforcement decision-making at the Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”). The review's recommendations include (i) a new, independent decision-making committee for the PRA; (ii) a new, expedited procedure to access the Upper Tribunal; (iii) regular independent reviews of the FCA and PRA settlement processes; (iv) measures to encourage investigated parties to make early admissions so that cases are resolved more quickly; and (iv) publication of more information by the FCA and PRA about the criteria for starting investigations.

The report is available at: 

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/389 063/enforcement_review_response_final.pdf.