OFSI Publishes Response to Enforcement Consultation

We’ve published the response to our public consultation, setting out improvements to make sanctions enforcement more transparent and predictable.

These changes are designed to support compliance, give firms greater certainty and help this government apply sanctions in a fair, effective and robust way.

Here’s what’s changing:

• Improve transparency for industry with a new case assessment matrix and updated guidance to make enforcement decisions clearer and more predictable.
• Enable OFSI to resolve cases more efficiently by introducing settlement and Early Account schemes which will give suitable cases quicker routes to resolution.
• Streamline process for lower-level breaches with set penalties for appropriate information, reporting and licensing offences.
• Strengthen deterrence for serious breaches with plans to double OFSI’s maximum civil penalties, subject to legislation.

Blog post: New and updated enforcement framework – a message from Giles Thomson, Director of OFSI

Consultation outcome page: Improving civil enforcement processes for financial sanctions

Consultation:

Consultation Response: