The Bank of England has published a policy statement on its approach to enforcement and an updated Statement of Policy And Procedure on its approach to enforcement. The update follows the Financial Services and Markets Act 2023 which expanded existing, as well as introduced new, regulator enforcement powers. A number of changes have been made to policy as consulted on. The updated Statements of Policy And Procedure took effect on November 12, 2024. The BoE (including, where applicable, the Prudential Regulation Authority) will have regard to the policies on exercising its enforcement powers in force at the time of any breach. Consequently, when conduct which would have amounted to a breach under the updated Statement of Policy And Procedure begins before November 12, 2024 and continues after that date, the new regime applies only to the conduct from November 12, 2024 onwards.
The BoE has also published an updated version of its Enforcement Decision Making Committee's Procedures. The remit of the Enforcement Decision Making Committee's Procedures encompasses decisions in enforcement cases concerning exercise of those powers. The Enforcement Decision Making Committee's Procedures were created by the Court of the BoE to help the BoE discharge its responsibilities and strengthen its enforcement processes by ensuring a functional separation between the BoE's investigation teams and the BoE's decision makers in contested enforcement. The procedures were first published in 2018.
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