pc
nid 93361
Jun 19, 2026
csoo@vixio.com
United Kingdom
Financial Conduct Authority
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2075 charsFinancial Conduct Authority Consults on Penalty and Decision-Making Policy Updates
On June 15, 2026, the Financial Conduct Authority (FCA) opened a consultation on proposed changes to its Decision Procedure and Penalties Manual (DEPP), which sets out how the FCA makes enforcement decisions and calculates financial penalties. The FCA aims to update the DEPP to keep its policy current and consistent with how it operates in practice, improving transparency and consistency while helping it act faster, deter misconduct, and maintain confidence in UK markets.
The FCA proposes several targeted updates to its penalty and decision-making policies. For market abuse cases involving individuals, the FCA proposes raising the minimum penalty from £100,000 to £150,000 to account for inflation. The FCA also proposes clarifying that it may increase penalties for deterrent effect, having regard to an individual's income and assets. For penalties involving individuals' relevant income, the FCA proposes clarifying how it treats deferred bonuses, pay, and shares, in line with recent Tribunal decisions. The FCA proposes raising serious financial hardship income and capital thresholds to reflect living costs and updating them over time. Additionally, the FCA proposes allowing more flexibility in who makes settlement decisions in some cases. The consultation also includes consequential amendments extending the FCA's penalty framework to cover cryptoasset market abuse and reflect new powers under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026.
The consultation applies to individuals subject to FCA enforcement action, including senior managers, directors, and employees of authorised firms; individuals involved in market abuse outside regulated firms; and legal, compliance, and enforcement professionals. The comment period closes on August 10, 2026. Responses can be submitted via the FCA's online response form, email to [email protected], or by post to Enforcement Law and Policy, FCA, 12 Endeavour Square, London E20 1JN. The FCA will review responses, publish feedback, and decide whether to make the proposed changes.
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2075 charsFinancial Conduct Authority Consults on Penalty and Decision-Making Policy Updates
On June 15, 2026, the Financial Conduct Authority (FCA) opened a consultation on proposed changes to its Decision Procedure and Penalties Manual (DEPP), which sets out how the FCA makes enforcement decisions and calculates financial penalties. The FCA aims to update the DEPP to keep its policy current and consistent with how it operates in practice, improving transparency and consistency while helping it act faster, deter misconduct, and maintain confidence in UK markets.
The FCA proposes several targeted updates to its penalty and decision-making policies. For market abuse cases involving individuals, the FCA proposes raising the minimum penalty from £100,000 to £150,000 to account for inflation. The FCA also proposes clarifying that it may increase penalties for deterrent effect, having regard to an individual's income and assets. For penalties involving individuals' relevant income, the FCA proposes clarifying how it treats deferred bonuses, pay, and shares, in line with recent Tribunal decisions. The FCA proposes raising serious financial hardship income and capital thresholds to reflect living costs and updating them over time. Additionally, the FCA proposes allowing more flexibility in who makes settlement decisions in some cases. The consultation also includes consequential amendments extending the FCA's penalty framework to cover cryptoasset market abuse and reflect new powers under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026.
The consultation applies to individuals subject to FCA enforcement action, including senior managers, directors, and employees of authorised firms; individuals involved in market abuse outside regulated firms; and legal, compliance, and enforcement professionals. The comment period closes on August 10, 2026. Responses can be submitted via the FCA's online response form, email to [email protected], or by post to Enforcement Law and Policy, FCA, 12 Endeavour Square, London E20 1JN. The FCA will review responses, publish feedback, and decide whether to make the proposed changes.