In a recent article published in the International Banker, WilmerHale Investigations Group Partner Richard Burger, Senior Associate Chris Ladusans, and Paralegal Katy O'Connor examined the UK Financial Conduct Authority's (FCA) efforts to make its supervision and enforcement more effective over recent years.
According to the lawyers, Nikhil Rathi, CEO of the FCA, has been steadfast in his vision for a more robust and expeditious enforcement approach since his appointment in 2020. In October 2023, he reiterated the goal of achieving "fewer, faster Enforcement investigations." To support this mission, the FCA has appointed Therese Chambers and Steve Smart as Co-Executive Directors of the Enforcement and Market Oversight Division. Chambers, drawing on two decades of internal FCA experience, has emphasized the need for firms to "get their ducks in a row now" as "[t]here really is nowhere to hide."
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