Breach of FSA Principles

The objectives of the FSA are to maintain market confidence, financial stability, protect consumers and reduce financial crime.

The FSA operates through a principles based regulatory system with 11 principles applying to regulated businesses. These principles are:

• Integrity
• Skill, care and diligence
• Management and control
• Financial prudence
• Market conduct
• Customers interests
• Communications with clients
• Conflicts of interest
• Customers – relationships of trust
• Clients assets
• Relations with regulators

For an approved person, ie someone whom the FSA has given approval to perform a regulated activity for a firm, there are seven alternative principles. They closely mirror those above and focus on maintaining standards and cooperating fully with the FSA.

The FSA has a wide range of powers at its disposal to enforce adherence to the principles including:

• withdrawal of approval for regulated businesses
• prohibition of individuals
• interventions
• fines
• public censures and private warnings.

How our Financial Services Authority experts have helped others

The Business Crime and Regulation team have acted on a number of complex and high profile FSA principles matters for both individuals and companies including:

• Credit Suisse
• The Citigroup bond trade
• Market abuse investigations
• Mis-selling investigations.

Our extensive experience in criminal litigation enables us to give comprehensive advice in relation to the increasing number of FSA investigations that are quasi-criminal, or criminal, in nature.

Contact us about Breaches of FSA Principles

If you would like to speak to our specialists please call 0800 916 9054 or e-mail enquiries@rjw.co.uk.  We have offices nationwide.