Jurisdiction(s):
United Kingdom

UK FCA admits ‘name and shame’ roll-out missteps; decision delayed to 2025 amid concerns over early publicity of enforcement investigations and reputational harm

Published on: 13 November 2024

Published by a Law360 reporter

Legal News

Article summary

Ashley Alder, chair of the FCA, told members on the House of Lords Financial Services Regulation Committee that it could have rolled out the so-called name and shame framework more effectively.

Appearing before the parliamentary panel alongside chief executive Nikhil Rathi, Alder said the February 2024 plans drew a strong backlash. Many read the consultation as an intention to name virtually every case, he noted, though that was never what was proposed. He admitted there was a degree of miscommunication. Although he said the regulator has had many fine hours, he accepted that floating proposals to identify the subjects of its investigations was probably not among them. The push triggered widespread criticism from parliament and insurers, and the broader financial industry was also unhappy with the FCA’s aim to publish particulars of specific investigations at an earlier point...

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