Regulatory agencies have traditionally sought to deter misconduct of private funds and other industry actors by levying, and publicizing, substantial fines against offending parties. Although the U.K. Financial Conduct Authority (FCA) has arguably followed suit, levying more than £3 billion in financial penalties over the past five years, the bulk of those actions occurred prior to April 2016, suggesting the agency has more recently adopted a different approach. See “FCA 2016-2017 Regulatory and Supervisory Priorities Include Focus on AML, Cybersecurity and Governance” (Apr. 14, 2016). In a recent speech, Mark Steward, Director of Enforcement and Market Oversight at the FCA, outlined the alternate path the FCA has chosen to deter misconduct. This article details the new measures that have been, or will be, adopted by the FCA, including its pursuit of liability against firm management for misconduct under the Senior Managers Regime and proposed changes to its “early settlement” program to incentivize the resolution of cases by increasing the fairness of proceedings. For additional insight from Steward, see “FCA Enforcement Director Emphasizes Responsibilities Under Senior Managers Regime” (Jun. 2, 2016). For further commentary from the FCA, see “FCA Director Lays Out Expectations for Cybersecurity of Financial Services Firms: Identification of Cyber Risks, Detection, Firm Preparedness and Information Sharing” (Sep. 29, 2016); and “FCA Director Emphasizes Regulator’s Focus on Firm’s Culture of Compliance” (Jul. 21, 2016).