Penalties, remediation, and FCA General Principles

Feb 13th '20

Speech by Mark Steward, Financial Conduct Authority (FCA) Executive Director of Enforcement and Market Oversight, delivered at the City & Financial Global Ltd event, London.


  • The point of financial penalties is deterrence but this is not the point of enforcement which is about just outcomes. In 2019 we imposed financial penalties of over £310 million on firms that also paid or are paying over £231 million in restitution. Addressing both serious misconduct as well as its consequences ensures just outcomes.
  • Most of the cases involving financial penalties have involved serious breaches of the General Principles. In these cases too little attention is paid to the General Principles in planning and organising what a firm is doing.
  • Firms need to engage with the Principles when undertaking regulated activities.

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Source: FCA