Page 62 - Annual Report 2021 EN

/ 62 T ABLE OF C ONTENT S

Enforcement

Enforcement is a necessary component of an effective

regulatory regime. It enables the QFCRA to take
appropriate enforcement action where breaches of the

rules and regulations occur. The QFCRA has the requisite

powers to act swiftly, decisively, and in a manner that

is consistent with its stated policies and procedures,
to achieve an effective and proportionate outcome.

2021 Summary statistics

• Enforcement action taken against one approved

individual in which a financial penalty and
prohibition was imposed on the individual;

• Three investigations in relation to approved

individuals were commenced;

• One investigation in relation to a non-regulated
firm was commenced;

• Total of four QFCRA investigations commenced