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Our approach to enforcement

Where serious non-compliance is identified our legislation allows us to investigate and take enforcement action where appropriate. Enforcement gives regulated entities and the public confidence that our regulatory and supervisory framework is being implemented, in line with our approach to achieving our purpose and objectives. It supports regulatory discipline and in so doing provides incentives for self- and market-discipline to operate effectively.

Overview of enforcement

We take a risk-based approach to ensure our enforcement resources have the most impact and prioritise the issues that are likely to have a greater bearing on our objectives, a high risk of error, or support our credibility as a regulator and ability to achieve appropriate supervisory outcomes.

Our enforcement framework sets out the considerations that apply when we select matters for investigation, conduct investigations, and ultimately take decisions relating to enforcement matters. Our framework ensures we are consistent, robust, and transparent in our decision-making processes. Our enforcement framework includes our Enforcement Principles and Criteria Guidelines and our Enforcement Guidelines.

The Principles and Criteria Guidelines set out the considerations that apply throughout the enforcement process and our Enforcement Guidelines set out in greater detail, how the principles and criteria are applied when considering an enforcement response.

The enforcement principles are a set of values that guide the direction of our investigation and enforcement strategy and inform our approach to applying our enforcement discretion. Our three enforcement principles are: risk-based, proportionate, and transparent.

The enforcement criteria are specific considerations which will be worked through and weighed against the available evidence when deciding on the appropriate enforcement response to non-compliance. Our four enforcement criteria are: seriousness of conduct, responsiveness, public trust and confidence, and efficacy.

Enforcement Principles and Criteria diagram