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Decision Procedure and Penalties (DEPP)

19.1 Introduction

The Decision Procedure and Penalties (DEPP) section of the FCA Handbook is contained within the Regulatory Processes module and sets out the FCA’s decision making procedures, which include: –

  • the giving of statutory notices
  • imposition and amount of penalties
  • conduct of interviews (to which a direction has or may be given under section 169(7) of the Financial Services & Markets Act 2000)

19.2 Penalties

Where a firm has failed to comply with its regulatory obligations to has breached one or more of the FCA Handbook principles, threshold conditions or regulatory rules as they apply to a firm’s business type; the FCA can and will impose financial penalties with the aim of promoting higher standards within the financial market.

The FCA will always consider all information and carry out a full investigation where any failings or breaches have been reported or identified and will look at all circumstances before decided whether to act or not.

The regulator will take into consideration: –

  • The nature, seriousness, and suspected impact of the breach
  • The conduct of the person after the breach
  • The previous disciplinary record and compliance history for the firm and/or person involved

In the unlikely event that the company identifies a regulatory breach or failing, it will cooperate fully with the regulator and any appointed persons. The firm will make itself and any required staff available for interview and will provide all requested information within the allotted timeframe.

The company understand that whilst the primary responsibility for ensuring regulatory compliance and adherence to the regulatory requirements lies with the firm, the FCA can and will act against one or more Approved Persons where there is evidence of personal culpability on their part.