The FCA has sweeping enforcement powers which range from an initial letter challenging a business practice to the very serious including penal sanctions. In recent years, the FCA has been far more proactive and it is clear that this more intrusive approach is going to be stepped up.
Thistle Initiatives can help firms to avoid enforcement issues by helping them to develop robust and FCA-compliant processes but should an issue arise Thistle Initiatives will help deal with it professionally and with the minimum of fuss.
Should the FCA have concerns about a past or current trading practice it may require a firm to commission a report on the matter by a suitably skilled external firm or individual, known as a Skilled Persons Report (or Section 166 report). At Thistle we have experience of working on Section 166 Skilled Persons Reports and if your company has been asked by the FCA to nominate such a person, then Thistle Initiatives will be capable of assisting.
Alternatively, you may have uncovered issues or problems within your firm which could, if not dealt with swiftly and appropriately, cause significant reputational damage and potentially result in a hefty FCA fine. In these cases your firm needs to be seen to be acting proactively to remedy matters. Thistle Initiatives can help advise and deal with these issues quickly and expeditiously thereby helping to maintain your reputation.
From experience, we will know how to remedy issues and with whom to talk in order to ensure that issues are resolved quickly and help minimise the risk of serious enforcement action.
If you would like further information regarding the wide range of work we do for finance firms, please get in touch to learn more about our services and how Thistle can help you, please contact us on 020 7436 0630 or email us on firstname.lastname@example.org