The Financial Conduct Authority (the "FCA") and the Prudential Regulation Authority (the "PRA") published the changes they will make to their enforcement decision-making processes on 1 February 2017 in policy statements FCA PS17/1 and PRA PS2/17 (the "PS"). These changes will have significant ramifications for all firms that may be subject to FCA and/or PRA investigation. The PS also signals a growing trend towards the regulators being more open about how they will approach enforcement action, which can only be of help to firms.

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