The FCA proposes a £100,000 fine on a firm. The firm agrees to settle during the first stage of the process. Under DEPP 6.7, what discount can it receive?
Under the FCA's settlement discount scheme, a firm or individual that settles during the first stage of an enforcement action can receive a 30% reduction in the financial penalty (DEPP 6.7.3G), so £100,000 becomes £70,000. Later settlement attracts no discount under the current scheme. Fines are not fixed once proposed; the settlement process exists to encourage early resolution.
Guessing a 50% discount or assuming settlement makes no difference.
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