FCA has a “name and shame” plan, more in the UK in the investigation

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The UK’s financial watchman intends to greatly abandon his contradictory plan to “call and ashamed” more companies he explores, noting the basic turn after the regulator faced the mounting pressure to abandon politics.

Power by financial behavior plans to announce on Wednesday that his proposal is applying new Checking public interests It was abolished, according to the people who are familiar with this issue, whether it is necessary to disclose more companies that are investigated. Instead, it adheres to the existing tougher test “exceptional circumstances”.

This is a significant appeal for the UK regulator, which caused a serious reaction of the city and criticism from state officials when announced plans in February 2024.

Nickly Rati, CEO of FCA, was subjected to fire for a proposal against the backdrop of concern that the regulator’s proposals are Managing a business abroad At a time when the government is trying to increase growth.

The government has pushed many regulators of the country to submit more growth proposals. On Tuesday, Sir Kire Starmer said he decided AX Payment Payment Systems Regulator Connecting it with FCA.

This happens a few weeks after ministers pushed out The chairman of the powers of competition and markets after deciding on insufficiently focused on growth.

The turn is coming Despite the assurances From the FCA it will apply the narrow parameters on which the investigations it will announce by weighing the effect on the company under close attention.

In November, the FCA responded to criticizing its proposals for the disclosure of more companies he studied, saying it would give the company 10 days, not just one and takes into account the impact on the firm, the price of the stock and the broader financial stability.

It also states that the new policy will only lead to another or two investigations in regulated companies that are revealed every year, except for one -two.

The FCA organized a call on Tuesday with industry bodies to inform them of their plans and stated that to report that the Committee of Commons and the Committee on Regulation of the Financial Services of the House of Lords reported in writing, reports people about the conversation.

FCA refused to comment.

Last month, the Lords Committee crashed, calling it “unsuccessful” in the bruise episode for the FCA. Lord Michael Forsight, chairman of the Conservative Committee, said the regulator did not make the case for “such a fundamental change”.

The FCA will continue to plans to publicly name the unregulated firms that he is studying, for which, as they say, there is extensive support in financial services, and to confirm the investigations when they have already been revealed by other state bodies, people who are familiar with this issue said.

Previously, high -ranking FCA officials said they wanted to be able to name companies that are investigating to prevent more damage to customers while the probe continues, as it happened in cases such as British steel pension counseling.

Two-thirds of the FCA investigations ended without any actions for compulsory performance, causing concern that it could damage the reputation of companies, revealing its identity, even if the probe did not find any violations.

But the regulators sought to raise the bar needed to open the investigation. Since April 2023, the number of open investigations in the FCA has decreased by 35 percent, while none of them has been opened since then, without taking further action.