The FCA has given its senior managers more powers to make regulatory decisions to ensure action to prevent consumer harm is taken quicker. 

In future, more regulatory action decisions will be taken by senior managers rather than the Regulatory Decisions Committee (RDC).

The FCA claims the new procedures will make its decision-making process “faster and more effective” for consumers, markets and firms.

The FCA says senior managers are now able to take decisions on the following:

• a firm’s authorisation or an individual’s approval 
• action in straightforward cases to cancel a firm’s permissions, where that action is contested
• starting civil proceedings, such as seeking an injunction
• starting criminal proceedings, such as a prosecution for insider dealing
• using the FCA’s powers to vary or limit a firm’s permissions
• using the FCA’s powers to impose requirements on a firm

The watchdog says the changes are part of its drive by the FCA to be a more "innovative" and “assertive” regulator.

The new process will ensure decisions to prevent or stop consumer harm are taken more quickly with less need to involve the RDC, the regulator says. 

More contentious cases will continue to be reviewed by the RDC, a committee of the FCA’s board that operates separately from the regulator. Its members are drawn from business, consumer and financial services backgrounds.

Emily Shepperd, FCA executive director of authorisations, said: “We are taking a fresh approach to tackling firms and individuals who do not meet the required standards. Our new streamlined decision-making process will allow us to be more assertive in stopping harm.”

The FCA says it will carry out a 6-month post-implementation review to assess the effectiveness of the reforms.