‘Responsive’ enforcement
‘Responsive’ enforcement
In Chapter 7, it is shown that regulatory agencies have taken a ‘tiered’ or ‘responsive’ approach to regulation, combining compliance and sanctioning models of corporate enforcement. They first educate company officers on their legal obligations and encourage them to comply with the law and only apply civil sanctions or prosecute offenders when the compliance approach has failed. However, it will be shown that despite having this graduated, mixed-model in place, there has been a failure to escalate from compliance to sanctioning approaches, particularly in the regulation of the financial services sector. It will be shown that the commitment to enforcing the sanctioning approach has only emerged in recent years since the banking crisis as the State ‘governs through crime’ in an expressive way to show it is ‘tough on crime’.
Keywords: Responsive regulation, Regulatory pyramid, Compliance, Sanctioning, Politicisation
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