Entire Section

  • RPP 6-8 RPP 6-8 Settlement Discount

    • RPP 6-8-1

      Persons subject to enforcement action may be prepared to accept the amount of any financial penalty, if a settlement discount is applied, and any other conditions which the DFSA seeks to impose. Such conditions might include, for example, the amount or mechanism for the payment of compensation to consumers. The DFSA recognises the benefits of such agreements, in that they offer the potential for securing earlier redress or protection for consumers and the saving of cost to the Person concerned, and the DFSA itself, in contesting the financial penalty. 

      Inserted (Made 21st August 2014). August 2014 Edition
      Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition

    • RPP 6-8-2

      In appropriate cases the DFSA's approach will be to offer the Person concerned the opportunity to settle.The DFSA will set clear and reasonable timetables for settlement discussions to ensure they do not unreasonably delay a regulatory or enforcement outcome. In most cases, the DFSA will specify that a Person has 28 days in which to reach agreement with the DFSA. If settlement is agreed within the 28 day period, or such other period allowed by the DFSA, the DFSA will apply a 30% discount to the amount of the financial penalty.

      Inserted (Made 21st August 2014). August 2014 Edition
      Amended by Notice of Updates (Made 11th February 2020). February 2020 Edition

    • RPP 6-8-3

      In exceptional cases, the DFSA may allow a longer period than 28 days in which to reach agreement with the DFSA. This might happen where the case is particularly complex or there is a particularly large volume of evidence to be reviewed. In most cases, however, the DFSA expects the person will al be familiar with the issues and 28 days will be a sufficient period in which to conclude settlement discussions.

      Added by Notice of Updates (Made 11th February 2020). February 2020 Edition

    • RPP 6-8-4

      Where part of a proposed financial penalty specifically equates to the disgorgement of profit accrued or loss avoided, then the percentage reduction will not apply to that part of the financial penalty.

      Added by Notice of Updates (Made 11th February 2020). February 2020 Edition