UK FCA Doubles Down on Naming Financial Firms Under Probes – Bloomberg

The UK’s financial watchdog pushed back against criticism of its plan to name firms it’s investigating at an early stage, which it thinks will boost transparency and deterrence.

The Financial Conduct Authority believes the proposals are timely, according to its response to a House of Lords Financial Services Regulation Committee published on Friday. Firms and consumers benefit from knowing which issues are in the watchdog’s sights, leading to better standards of conduct, it said.

“We know that a number of those to whom we are accountable have frequently and forcefully expressed their frustration at our lack of transparency,” said Therese Chambers and Steve Smart, the FCA’s joint executive directors for enforcement and market oversight.

Source: UK FCA Doubles Down on Naming Financial Firms Under Probes – Bloomberg