UK peers decry ‘abject failure’ in FCA’s plan to name and shame more firms

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Financial Times 13h ago

UK peers decry ‘abject failure’ in FCA’s plan to name and shame more firms - Financial Times

Quick Summary:

The regulator conceded it “should have handled the initial consultation better, for example engaging on the proposals in advance”, while adding it had “engaged extensively with industry and revised our proposals”.

Responding to criticism from the financial services sector and politicians, the FCA said in November that it would tell companies 12 days before publicly disclosing they were being investigated, instead of its initial plan to inform them only a day before.

The regulator already had the power to name the companies it was investigating in “exceptional circumstances”, but last February it announced plans to shift to a public interest test that would allow it to disclose more of them.