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ARTICLE · 29 NOVEMBER 2024

The FCA's Updated 'Naming And Shaming' Proposals

Bryan Cave Leighton Paisner
Bryan Cave Leighton Paisner
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Bryan Cave Leighton Paisner

Bryan Cave Leighton Paisner

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The FCA has revised its controversial "naming and shaming" proposals, addressing industry concerns by extending notice periods, clarifying public interest tests, and narrowing applicability. The reforms reflect a broader shift toward streamlined enforcement and reduced investigations.

United KingdomFinance and Banking
Rhys Corbett
Rhys Corbett
Samantha Paul
Samantha Paul
Andrew Tuson
Andrew Tuson

Summary

The FCA has today published a further consultation paper (CP24/2 (Part 2)) in relation to its 'naming and shaming' proposals (the "Updated Consultation"). The publication follows widespread industry criticism of the FCA's initial proposals published in February 2024 (the "Original Proposal"), and an intense grilling earlier this month of the FCA's Nikhil Rathi and Ashley Alder before the House of Lords Financial Services Regulation Committee over the proposals.

The FCA has, as anticipated, significantly watered-down its Original Proposal in the Updated Consultation and has also provided some case studies to demonstrate how its revised proposals might have applied to past investigations. So, what does this all mean and what happens now?

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