FCA and PRA Enforcement Action: Trends from 2021 and Predictions for 2022
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As the dust looks like it is starting to settle on the Covid-19 pandemic, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have been busy resuming their enforcement agendas.
With a new chief executive at the helm of the FCA, and the PRA starting to bring more standalone enforcement actions, the appetite for and breadth of enforcement activity appears to be increasing.
Although some of the regulators’ pre-pandemic priority areas remain, the FCA and the PRA are also sharpening their focus on new issues that have crept up their agendas as a result of both consumer and firm behaviour during the pandemic and there is likely to be greater attention paid to these areas during 2022.
This article considers the main themes around which the FCA’s and PRA’s enforcement actions have centred over the last twelve months and looks at how those trends may carry forward into 2022.
This article first appeared in the January edition of PLC Magazine and is reproduced with the kind permission of the publishers.