Regulatory Alerts2022-01-19
Added · Updated
FG22/4: FCA's approach to compromises for regulated firms
The guidance requires regulated firms proposing compromises to notify the FCA immediately and provide specific minimum information at an early stage, including details on liability origins, creditor cohorts, and anticipated returns. It mandates that firms proposing compromises regarding redress liabilities ensure the proposal provides the maximum funding possible so consumers receive the greatest proportion of what is owed. The document clarifies the FCA's assessment factors, its role in court processes, and the potential use of supervisory tools or regulatory action if terms are incompatible with statutory objectives or Principles for Businesses.
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