We use necessary cookies to make our site work (for example, to manage your usage journey on the site). We also use some additional cookies (including third-party cookies) to help us improve the site functionality and user experience. For more information, on how these cookies work please see our Cookie policy.
2Normally, where the outcome is potentially a financial penalty, the FCA will send a letter at an early point in the enforcement process to the subject of the investigation. This is what the FCA refers to as a stage 1 letter.