Finacial Services Authority
The Financial Services Authority (“FSA”) is the largest regulatory body in the United Kingdom and is responsible for the regulation of almost the whole of the financial services industry. It has extremely wide-ranging powers, allowing it to require persons to provide information and/or explanations concerning documentary material. A failure to cooperate can result in a criminal liability.
The threat to your liberty and livelihood highlights the need to take timely and appropriate legal advice and if you find yourself being investigated by the FSA you should contact us immediately.
The Disciplinary Procedure
The disciplinary procedure for authorised persons and permitted firms is detailed and involves the Regulatory Decisions Committee (“RDC”). Usually, you will be issued with a warning notice, and you will have number of opportunities to make representations and obtain material from the FSA.
In relation to regulatory breaches, the FSA has the power to impose fines, to withdraw or vary permission or authorisation to firms and individuals.
Of course, any action taken by the RDC can be appealed to the Financial Services and Markets Tribunal, and thereafter to the Court of Appeal.
Offences
The FSA is responsible for the investigation of a variety of different criminal offences in addition to its regulatory role. These investigations can involve what the FSA term a “perimeter breach” which involves a situation where an unauthorised person has carried out a regulated activity; market rigging, insider share dealing, as well as other offences including cases of misleading or obstructing an FSA investigation.
The offences that the FSA prosecutes carry varying penalties which can include substantial prison sentences for those convicted.
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