FSA is consulting on changes to its Decision Procedure and Penalties Manual and Enforcement Guide as a result of its 2010 review. FSA plans to update DEPP and EG to reflect its current enforcement approach. It plans to make changes to address:

  • its policy on publishing decision notices and reviewing published notices and press releases;
  • applying the settlement discount scheme to the length of suspension periods; and
  • adopting policies for using powers under the Cross-Border Payments in Euros Regulations, FSMA and other legislation.

It also asks for views on a proposal to introduce a new rule in General Provisions (GEN) to prevent an authorised firm paying a financial penalty imposed on a present or former employee, partner or director of the firm or an affiliate. FSA has been concerned about this practice for some time and says it may be a breach of Principle in any case. However, it wants now to introduce a rule and so is proposing to use GEN to house it. FSA wants comments by 14 December.