Lords Committee ‘unconvinced’ on FCA name and shame proposal
The House of Lords Financial Services Regulation Committee is unconvinced on the FCA’s name and shame plans as it branded the consultation an “abject failure” and urged if concerns have not been addressed in the regulator’s second consultation the proposals should not go ahead.
The Financial Conduct Authority 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 it is investigating an issue, and public notices appear only when the case has been resolved.
The cross-party committee has now published a report, Naming and Shaming: how not to regulate, following its inquiry on the FCA’s consultation paper.
The House of Lords committee concluded the authority
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