FCA In Listening Mode On 'Name And Shame' Proposal

Therese Chambers has given a speech today confirming next steps on the FCA's proposals to announce investigations (originally set out in CP24/2), following some particularly strong push back from the industry and government ministers (the FCA notes that it received over 130 responses and the regulated community was "overwhelmingly against" the plan). Respondents may be disappointed to learn that the FCA is not abandoning the proposal entirely and clearly wants to change what it views as "the odd situation" of being the odd one out amongst fellow UK regulators. The FCA cites as an example a case involving parallel investigations by the FCA and FRC where the FRC went public on an investigation but the FCA did not (without explaining why its current "exceptional circumstances" policy did not allow an announcement in this case).