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Legislating for an FCA appeals process: not so appealing?

19 September 2013

On 10 September 2013 Martin Wheatley, the Chief Executive of the FCA, gave evidence before the Treasury Select Committee. One of the topics that he discussed with the committee was the Banking Commissions’s proposal that the Regulatory Decisions Committee (the “RDC”) should be made a statutory body proscribed by law. The RDC is an independent body made up of industry representatives which hears appeals against the FCA’s enforcement, authorisation and supervisory decisions.

Mr Wheatley stated that he thought a more formal appeals system which codified the procedures of the RDC would create unnecessary delay and would over-complicate what is already a complicated procedure. Mr Wheatley said that his view that the proposed move would be a mistake. He added that:

The current structure with our own enforcement process, the RDC and Upper Tribunal allow the full range of appeals to go through the system. Many of our complex cases take too long to get to final resolution. If we created a statutory process for the RDC it would delay justice and I do not think it is in anyone’s interests.

When pushed on whether he would support the codification of the RDC if the delays that he referred to could be resolved he said that he would still oppose it and maintained that the delays that would be caused and the creation of two overlapping statutory decision-making bodies made it a bad idea.

It is not yet clear whether the government will be influenced by the FCA’s stance but what is clear is that it is a polarising issue.

For the full text of Mr Wheatley’s testimony to the Treasury Select Committee please follow the link:


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