Stricter enforcement

Enforcement’s standard practice is to require production of documents and attendance at interview under its statutory powers, according to clarification advice posted on the FSA website at the beginning of December. However, it may also depart from this practice and question a person on a voluntary basis in accordance with ENF 2.11.12G. In such circumstances, the individual will not be compelled to answer but if he chooses to do so any disclosures may be used against him in subsequent proceedings. Whether the regulator seeks voluntary cooperation or requires it under statutory authority,“We try to ensure that the position is clear to those from whom we obtain information.” The FSA stresses that exercise of its statutory powers should not be taken to imply an expectation of obstruction, or suspicion.