FCA Enforcement Activity: The 2017/18 Annual Performance Report

The FCA has published its Enforcement annual performance report 2017/18, which provides an overview of the FCA’s enforcement activities over the last year. In summary, the FCA is opening more cases, but the average financial penalty has fallen significantly by around 65% and, although the average cost of civil and regulatory cases is down, the average length of these cases has increased by around 6 weeks. Conversely, criminal cases are costing more but concluding more quickly. Types of cases As at March 2018, the FCA had 504 open cases (excluding threshold conditions cases), up around 25% from 410 cases in April 2017. The majority of these cases concerned financial crime issues (86 cases), followed by retail conduct (78 cases), unauthorised business (77 cases) and insider dealing (75 cases). There has been a significant increase in the number of cases opened into culture / governance issues over the last year, with only 15 open cases as at 1 April 2017, but with 61…

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