What is the result of the FCA’s investigation leading to preliminary findings?

The result of the FCA's investigation leading to preliminary findings can indeed prompt a private warning or regulatory action. Once the investigation has been conducted and if preliminary findings indicate potential breaches of regulations or concerns about practices within a firm, the FCA may choose to engage with the firm in a more private manner. This could involve issuing a warning or setting out recommendations for improvements rather than heading straight to public trials or penalties.

This approach reflects the FCA's regulatory practice, which often aims to encourage compliance and rectify issues without the necessity of public disclosure or severe penalties initially. In cases where the findings are serious, it may lead to further regulatory action, but the focus is often on providing firms the opportunity to address the concerns first. Such methods can be more constructive and serve the overall goal of maintaining market integrity and protecting consumers.