UK: Is it time for firms to review their approach to settling enforcement action?

Whilst much has been said about some of the changes which have been proposed in the ongoing reform of the regulatory regime applicable to the UK financial services industry, the full ramifications of some of the new provisions have received less attention than they deserve. The (presumably) unintended consequences of two of the proposals – the FCA's new power to publish information about enforcement action at an earlier stage and the reversed burden of proof for "Senior Managers" – may well include shifting the emphasis of firms away from typically settling regulatory enforcement actions and in favour of taking a more adversarial approach to challenging the regulator's conclusions.    
In an article first published by Hart Publishing as Thomas and Edwards, "Is it time for firms to reconsider their approach to settling enforcement action?" (2013) 7 LFMR 301, reproduced by agreement with the publishers, senior associates Sarah Thomas and Harry Edwards explain why regulatory reform may well have such an impact on firms' approach to settling the major enforcement actions which they face.
 
Click here to read the article.