How to Engage with Regulators Successfully & Avoiding Enforcement - A Workshop with Michael Ruck

Introduction

This full-day course will provide you with advice on how best to comply with your legal and regulatory obligations in a scenario-based exercise.

In particular, it will cover how regulators initiate contact with firms, your obligations to notify the relevant regulators of notifiable events, strategies for dealing with the regulators during such engagement, insight into how the regulators may respond and guidance on how to reduce any risk of intervention or Enforcement by the regulator.

The session will be held under the ‘Chatham House’ rules to promote free and constructive discussion on this important topic.

What You Will Learn

This course will cover the following:

• Session One: Top Tips on Supervisory Engagement with the FCA and PRA
• A reminder of the current regulatory/legislative regime applicable in relation to co-operation with and reporting to the regulators
• Practical tips on day-to-day engagement with the regulators
• Preparing for and dealing with a supervisory visit, including the role of your senior management
• Supervisory engagement post such a visit
• An interactive scenario covering the above issues for you to discuss in groups followed by a facilitated discussion of the actions and issues the groups have identified
• Session Two: Lessons Learned from Supervisory Interventions and Engagement with Enforcement Teams
• Lessons learned from the past
• How to deal with unannounced visits and search warrants/dawn raids (including the legal requirements in relation to the latter)
• An overview of the process when considering notifications to the FCA/PRA
• How to respond to potential supervisory action, including variations of permission, imposition of a requirement or a s166 skilled person requirement, including how your senior management should be involved in such responses
• The risk of enforcement action and how to reduce such a risk via your interactions with the regulators
• An update on the recent FCA and PRA consultations on potential changes to their approaches to enforcement
• An interactive scenario covering the above issues for you to discuss in groups representing a firm or the FCA, followed by a facilitated discussion of the actions and issues identified by your groups