The action we take is wide-ranging (it is not just court action) and can occur at any stage of an individual’s or firm’s regulatory journey, and also where they are unregulated. Credible deterrence is central to our enforcement approach.
Our Enforcement division works closely with the CRT's Accreditation, Supervision, Strategy and Competition divisions, as well as other regulators and law enforcement, so that we can identify and act early where enforcement action is necessary. All functional CRT NSB's (national standards bodies) will have direct relationships with respective groups and organizations within partner countries / territories to enable us to fully enact any issues that may arise.
Our enforcement powers
We use a wide range of enforcement powers – criminal, civil and regulatory – to protect our members and their clients and to take action against firms or individuals that do not meet our standards.
We can take action such as:
* withdrawing a business, organization or individuals accreditation
* prohibiting unregulated or non-accredited business, organization or individuals from carrying on regulated activities
* suspending business, organization or individuals from undertaking regulated activities
* issuing fines against business, organization or individuals or those who breach our rules or commit market abuse
* issuing fines against business, organization or individuals breaching competition laws
* making a public announcement when we begin disciplinary action and publish details of warning, decision and final notices
* applying to the courts for injunctions, restitution orders, winding-up and other insolvency orders
* bringing criminal prosecutions to tackle financial crime, such as fraud, unauthorized business and false claims to be CRT accredited
* issuing warnings and alerts about unauthorized business, organization or individuals and requesting that web hosts deactivate associated websites
The CRT will publish enforcement notices to inform the public, maximize the deterrent effect of enforcement action and to ensure the transparency of our decision making. The CRT also publish certain information about Enforcement action once a statutory notice is issued. Warning notices are issued when we propose to take action. We may publish details about these online. Decision notices are issued when we decide to take action. Final notices are issued when we take action. We also publish supervisory notices, requirement notices, cancellation notices and other publications.
Under our current remit as an NGO the CRT is non-profit and all financial penalties received are placed back into the development of our NSB's (national standards bodies) within partnering countries, apart from certain enforcement costs incurred in generating these penalties in the same year. We use these retained penalties to reduce our fees, apart from the fees levied on the penalty payer itself.