The U.K. Financial Conduct Authority has published a policy statement setting out its new approach to issuing statutory notices, which will take effect from November 26, 2021. The FCA publishes statutory notices when exercising certain enforcement and supervisory powers, such as varying or cancelling a firm’s authorization, refusing an application for authorization or approval of an individual, and imposing requirements on firms.

Under the new rules, more decisions will be made under Executive Procedures while the Regulatory Decisions Committee's remit will be reduced, speeding up some processes. Going forward, the RDC will focus on contentious enforcement cases where a sanction or disciplinary measure might be imposed. The Executive decision makers at the FCA (i.e. the FCA's senior managers) will be given a wider decision-making remit, including matters relating to firm authorizations and individuals' approvals, variation of permissions, cancellations in straight forward cases where a firm does not meet the FCA's regulatory requirements and commencing civil and criminal proceedings. The FCA intends to introduce the new rules as originally consulted on in the FCA's consultation paper of June 2021.

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