The QFC Regulatory Authority’s Enforcement department is an important part of the QFC regulatory regime and plays a significant role in helping to achieve our objectives.

Enforcement has a wide range of powers at its disposal, which it uses strategically to prevent, detect and restrain conduct which may cause damage to the reputation or integrity of the QFC.  

The enforcement strategy is targeted but flexible, and the QFC Regulatory Authority focuses its enforcement powers on those areas which pose the greatest risk to its objectives. This ensures that a proportionate response is taken to identified risks.

Principles:

In taking regulatory action, the Enforcement team is guided by the following principles:

• proportionality
• acting decisively
• procedural fairness and integrity
• keeping the QFC financial services community informed
• co-operation and mutual assistance

These principles form the basis of the department’s policies, processes and procedures and are set out in the Enforcement Policy Statement 2023. This statement sets out our approach to enforcement and will assist those firms and individuals subject to enforcement action by the QFC Regulatory Authority. It also gives assurance that those affected by enforcement actions will be treated fairly and consistently.

Not all enforcement investigations lead to disciplinary action. However, where misconduct is identified, and disciplinary action is appropriate, the QFC Regulatory Authority has a range of sanctions available – these include prohibition, withdrawal of approval or authorisation, public censure and the power to impose financial penalties. These sanctions are designed to allow us to deliver strong, visible outcomes.

The publicity given to enforcement actions is also important to ensure transparency of the QFC Regulatory Authority’s actions and deter other firms and individuals from committing similar contraventions.

To read more about the QFC Regulatory Authority’s Enforcement function, click on the link below:

Enforcement Policy Statement 2023