Jurisdiction(s):
United Kingdom

UK finance trade bodies urge Chancellor to curb FCA plan to publicly identify investigation targets, warning of competitiveness, valuation and market stability risks; FCA defends transparency and deterrence aims

Published on: 01 May 2024

Published by a Law360 reporter

Legal News

Article summary

An open letter dated 26 April 2024 bears signatures from a spectrum of bodies, among them UK Finance and the Association of British Insurers. It presses the Chancellor of the Exchequer to confront the FCA’s plans, which, the signatories contend, would undermine the UK’s competitiveness. The regulator outlined proposals in February 2024 that, it claimed, would strengthen the deterrent impact of enforcement and permit it to name publicly the targets of its inquiries. The coalition, which also features TheCityUK and the Personal Investment Management & Financial Advice Association, argued the plans are out of step with other markets and supervisors. They warned this would render the UK an ‘international outlier’ on enforcement. ‘As drafted, the proposals are likely to harm the competitiveness of the UK’s financial services industry by deterring investors, and to produce poorer outcomes for customers,’ the letter states. Signatories ask the Chancellor to address the FCA’s proposals to avoid undermining competitiveness and worsening outcomes for customers...

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