What type of enforcement action can the FCA take against non-compliant firms?

The type of enforcement action the FCA can take against non-compliant firms includes a range of measures such as fines, public censure, and other sanctions. This reflects the FCA's role as a regulatory body that aims to ensure compliance with financial regulations to protect consumers and enhance the integrity of the UK financial markets.

Fines serve as a financial penalty for infractions, acting as a deterrent against future non-compliance. Public censure may damage a firm's reputation, thus incentivizing firms to adhere to necessary guidelines and standards. The "other sanctions" aspect indicates that the FCA has the discretion to impose additional measures depending on the severity of the non-compliance, which can include restrictions on business activities, requirements for remedial action, or the implementation of compliance programs.

These measures highlight the FCA's approach of promoting compliance through a combination of punitive and corrective actions, rather than relying solely on extreme measures like immediate closure or permanent bans, which are typically reserved for the most serious violations. This balanced approach allows the FCA to address issues in a way that encourages firms to improve rather than simply shutting them down.