Jurisdiction(s):
United Kingdom

UK’s FCA revises plan to publicise firms under investigation, citing competitiveness; longer notice, tighter public interest test; final decision early 2025

Published on: 29 November 2024

Published by an LexisNexis Financial Services expert

Legal News

Article summary

The FCA has moved to refute criticism that its plan to publicise more about its investigatory activity conflicts with its aim to embed UK growth and competitiveness factors into its routine operations. In an updated consultation, the FCA argued that greater openness may actually bolster growth and competitiveness if it lightens the load of financial crime and helps smaller firms build knowledge. It said this remains aligned with its growth and competitiveness objective for the UK economy.

The FCA set out concessions made to the financial services industry in response to what it called ‘significant concerns’ over its so‑called ‘name and shame’ plan. First set out in February 2024, the proposal to disclose the identities of firms placed under investigation, where doing so serves the public interest, has been roundly criticised by industry, the previous government and groups of parliamentarians.

In light of feedback, the FCA said it had introduced four material changes. Firms will receive ten days’ notice before any announcement, rather than the single day originally suggested. It also clarified that the policy will not be applied retrospectively to probes opened before it takes effect, and that two further factors have been added to the public interest test...

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