EG 3.4 1Investigations into general and specific concerns (sections 167 and 168)

1Where the FCA has decided that an investigation is appropriate (see chapter 2) and it appears to it that there are circumstances suggesting that contraventions or offences set out in section 168 may have happened, the FCA will normally appoint investigators pursuant to section 168. Where the circumstances do not suggest any specific breach or contravention covered by section 168, but, the FCA still has concerns about a firm, an appointed representative or a recognised investment exchange2, such that it considers there is good reason to conduct an investigation into the nature, conduct or state of the person's business or a particular aspect of that business, or into the ownership or control of an authorised person, the FCA may appoint investigators under section 167.

1In some cases involving both general and specific concerns, the FCA may consider it appropriate to appoint investigators under both section 167 and section 168 at the outset. Also, where, for example, it has appointed investigators under section 167, it may subsequently decide that it is appropriate to extend the appointment to cover matters under section 168 as well.