FCA to name firms under investigation

The Financial Conduct Authority (FCA) is set to name firms under investigation through publicising warning notices.

Previously the regulator could only publish details of the investigation process after it had decided to take action.

The warning notices will be published on a case-by-case basis after consultation with the firm or individual under investigation, and will not be made public if publishing the notice is deemed unfair. The notices will include a summary of the facts of the case in an effort to make the process more transparent and clarify what behaviour the FCA considers unacceptable.

FCA director of enforcement Tracey McDermott said: “We listened carefully to views from inside and outside the industry. I believe we have got the balance right so we now have in place a regime that enables us to provide information to consumers, investors and firms earlier about the action we are taking to tackle misconduct to ensure markets work well and consumers get a fair deal.

“It is clear that the more transparent and open that we can make the regulatory process, the more confidence we can give people that we are acting in their best interest.”