Proposed New Approach to Financial Penalties - Key Decisions & Impact
Explore our proposed new approach to financial penalties, including increased fining powers, means-tested fines, and fixed penalties. Learn about key decisions and how income/turnover is taken into account to ensure proportional impact. Discover the fixed penalty regime designed to resolve cases more efficiently.
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Presentation Transcript
Financial penalties our proposed new approach Benedict Fisher, Director of Communications (Chair) Jennifer Ackers, Director of Legal and Enforcement Chris Hanford, Director of Regulatory Policy Nabila Zulifqar, Chief Adjudicator
Areas we will be covering: Our increased fining powers Providing assurance around our decision making processes Means tested fines how they will work Fixed penalties
Four key decisions 1. Increased fining powers - 25k for traditional law firms 2. Means tested fines for firms and individuals 3. Behaviour not suitable for a fine 4. Fixed penalties
Taking income/turnover into account All fining bands to be linked to % of annual turnover/income Higher percentages for more serious cases Firms: fining bands range from 0.2% to 5.0% of turnover Individuals: fining bands range from 2% upwards Aim is to ensure fines have an equally proportionate impact regardless of income
Fixed penalty regime Designed to resolve cases more quickly - reduces costs & stress for all To be used for low-level breaches by firms, such as: SRA Transparency Rules breaches Failure to comply with regulatory requests Lower level administrative breaches 750 for a first offence, 1,500 for a further offence
