FCA sets out enforcement approach to MiFID2 failings

Mark Steward indicated that the Financial Conduct Authority (FCA) will provide a level of regulatory forbearance in its enforcement approach to firms that have not met all of the MiFID2 requirements by 03 January 2018. Steward said that the FCA has “no intention of taking enforcement action against firms for not meeting all requirements straight away where there is evidence they have taken sufficient steps to meet the new obligations by the start-date, 03 January 2018”. However, Steward warned that the FCA’s disposition is likely to be different where “firms have made no real or genuine attempt to be ready or where key obligations are deliberately flouted.”

The full text of the speech can be found here.