Disciplinary procedure: ‘The new regime’
| Date | 01 March 2000 |
| Pages | 215-227 |
| Published date | 01 March 2000 |
| DOI | https://doi.org/10.1108/eb025045 |
| Author | Philip Ryley,John Virgo |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 8 Number 3
Disciplinary procedure: 'The new regime'
Philip Ryley* and John Virgo
Received (in revised form) 8th August, 2000
Eversheds, Alexander House, Pierhead Street, Scott Harbour, Cardiff CF10 4EH;
tel:
+44(0)29 2047 1147; e-mail: philipryley@eversheds.com
Philip Ryley is a solicitor and an Associate
in the Retail Financial Services Group at
Eversheds. He specialises in compliance
and regulatory issues affecting the finan-
cial services industry. He is FPC qualified
and is an Associate of the Compliance
Institute. A major part of his work involves
disciplinary and fitness and propriety
mat-
ters as well as compliance consultancy.
Philip acts for major life companies,
banks, building societies, friendly socie-
ties, networks and intermediaries. He reg-
ularly writes for compliance journals and
frequently speaks at industry conferences.
John Virgo is a barrister practising from
Guildhall Chambers, Bristol and at Lincoln's
Inn,
London. He has developed a specialist
practice in the law relating to financial
ser-
vices, compliance and regulatory issues. A
significant part of his work involves disci-
plinary hearings and advising on regulatory
and compliance matters. John has acted for
banks, building societies, networks and
intermediaries. He is a regular contributor
to compliance journals and frequently
speaks at industry conferences.
ABSTRACT
This paper is
confined
to an overview on the dis-
ciplinary and appeal
procedures
contained in the
paper will not
deal
with market
abuse,
civil
reme-
dies,
intervention or criminal prosecutions. It
will, however,
deal
with
discipline procedure
and
the appeal
process.
It is important to remember,
when reading this paper, that the financial ser-
vices industry still awaits the publication of the
draft Enforcement, draft Supervision and draft
Authorisation Manuals. The current expected
publication date is August 2000. In addition, it is
necesssary to distinguish between disciplinary
measures affecting individuals and measures
affecting
businesses.
This paper
adopts
the defini-
tions in the Act and so the use of
'authorised
person'
refers
to a
business
entity, and the use of
'approved person'
refers
to an individual.
[Editor's note: A few days after this paper
was written the draft Enforcement manual was
published. The manual can be viewed at
www.fsa.gov.uk.]
INTRODUCTION
In 1997 the Government announced its
plans to reform the regulation of the finan-
cial services industry by creating a single
regulator which was named in October
1997 as the Financial Services Authority
(FSA).
In June 1998, the enactment of the
Bank of England Bill transferred regula-
tory responsibility to the FSA for the
supervision of banks, listed money market-
ing institutions and related clearing houses.
In July 1998, the draft Financial Services
and Markets Bill (the draft Bill) was pub-
lished, together with a document contain-
ing an overview of financial regulatory
reform and draft explanatory notes. The
main body of the draft Bill contained 233
clauses and 10 schedules. There was a
Journal of Financial Regulation
and Compliance, Vol. 8, No. 3,
2000, pp. 215-227
Henry Stewart Publications,
1358-1988
Page 215
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