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Version date: 13 March 2023 - onwards
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Enforcement

Closed
13 June 2023

The objective of the framework is to drive a permanent uplift in governance standards. In our view, this is where firms taking real ownership of the framework will make a major difference. If firms embed the framework properly, it should ideally result in fewer serious issues in the sector over time - and, correspondingly, less need for enforcement actions.

Our approach to enforcement - both in relation to the IAF and more generally - is based on the key concepts of proportionality and targeted deployment with an outcomes focus.

Proportionality means that we seek to bring enforcement action only for those cases where such significant action is merited, considering all of the circumstances, including the seriousness of the suspected breach and the harm or potential harm involved.

Targeted deployment of enforcement tools means that, given the material costs and significant resources involved in bringing formal enforcement proceedings, we take a proportionate and risk-based approach in do

Comparing proposed amendment...