FCA u-turns on enforcement transparency proposals
The Financial Conduct Authority is not going ahead with changes to announcing enforcement investigations, proposals that were labelled ‘name and shame’ and led to a huge outcry across the financial services market.
The watchdog confirmed today that it had found a lack of consensus on the steps and instead u -turned sticking to current processes.
It added: “We will not take forward our proposal to shift from an exceptional circumstances test to a public interest test for announcing investigations into regulated firms.”
Step changeThe FCA opened a consultation in February last year on a “step change” in being more transparent when opening an investigation into a firm. Normally, it does not comment on whether
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