With the reform of the regulatory infrastructure – the Financial Services Authority being split into two regulators, the Prudential Regulatory Authority and the Financial Conduct Authority – the Government has endorsed the more intensive and intrusive supervision developed by the FSA in response to the global financial crisis.
The Financial Services Bill extends the concept to early intervention in financial products if the FCA considers consumers are at risk. Judgement-led regulation is bound to lead to greater challenge by firms and senior management. An increase in such challenge has already been observed as FSA pushes its “credible deterrence” policy, particularly enforcement action against senior executives.
In a session chaired by Nigel Pleming QC, Jenni Richards QC and David Mayhew will be discussing the scope for such challenge by judicial review in the Administrative Court and referral of proceedings to the Upper Tribunal.