UK - The Financial Services Authority is conducting an "end-to-end" review of its enforcement process in a bid to speed up the system.
Enforcement director Andrew Procter said: “Even without delay or requests for an extension of time, it takes five months or more to move from the end of an investigation to a decision notice. We must ask if that is too long.”
But he added: “There are valuable components in the current decision-making process: the separation of investigator from decision-maker is important; the scrutiny of the FSA’s regulatory decisions committee is valuable and does improve the quality of our decision making; and the right of an affected party to make representations is a necessity.”
He said the review aimed to determine whether decision making could be shortened without a loss of fairness to affected parties or “a loss of respect for the process itself”.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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