The UK Financial Conduct Authority provided insight on when it decides to investigate possible wrongdoing in a published document entitled “Enforcement Referral Criteria.” Because an investigation is an “expensive and resource-intensive option for the subject of the investigation as well as for the FCA,” the agency said it exercises discretion in commencing inquiries “to ensure that in all the circumstances it is the appropriate course of action to take and the best use of our resources.” In determining to proceed, FCA said it considers (1) the weight of the evidence and the “proportionality and impact” of an investigation; (2) the purpose or goal achieved if the agency were to bring an enforcement proceeding; and (3) factors to determine whether the purpose or goal of an enforcement proceeding will likely be met. These factors include whether a proceeding will deter wrongdoers from repeating their infractions; improve behavior and raise standards in the industry; result in proportionate penalties for those charged with serious offenses; and remove malefactors from the industry or impose restrictions, where appropriate.