What is a potential response by the firm after receiving preliminary findings from the FCA?

When a firm receives preliminary findings from the Financial Conduct Authority (FCA), one potential response is to submit a decision notice to the Regulatory Decisions Committee (RDC). This step is appropriate as it allows the firm to formally contest the findings or clarify its position regarding the investigation. The decision notice serves as a mechanism for the firm to outline its arguments, present evidence, and seek a re-evaluation of the FCA's findings before any formal action is taken.

Engaging with the RDC is crucial in the regulatory process because it provides an opportunity for the firm to ensure that its voice is heard and that all relevant information is considered before a final determination is made. This process is part of the firm's right to defend itself against the regulatory findings and can be an important aspect of regulatory compliance and governance.

On the other hand, while issuing a press release could be considered to manage public relations, it does not directly address the regulatory concerns raised by the FCA. Similarly, ceasing all operations is an extreme and often unnecessary measure that would not be a constructive approach to addressing regulatory issues. Conducting an internal review alone may be beneficial for the firm to assess its practices but does not involve engaging with the regulatory body to contest or respond to the findings directly.