Enforcement ahead

Sara George (+44 20 3088 3859, sara.george@allenandovery.com) is a specialist in investigations into criminal and regulatory contraventions. She joined Allen & Overy LLP in 2006 from the Enforcement Division of the FSA where she led the first prosecution of a director for making a misleading statement to the market. She has extensive experience of regulatory investigation and advocacy before the Financial Services and Markets Tribunal and the Crown Court.

Challenging the FSA in its own court – the RDC

Individuals, who face the threat of loss of reputation and career, and firms confronted by removal of authorisation cannot afford to settle on the same basis as a large financial institution; they have little to lose by challenging the findings of investigators before the Regulatory Decisions Committee (RDC). A committee of the FSA board, only the Chair of the RDC is an FSA employee. Other panel members are drawn from current and retired industry practitioners, who not infrequently disagree with the stance taken by the investigators.