UK Financial Regulator Revises 'Name and Shame' Policy Following Industry Pushback

The FCA will extend notice periods and assess potential risks to firms before publicizing investigations under new proposals.

The Financial Conduct Authority (FCA) has revised its proposed 'name and shame' policy after facing significant criticism from City firms and government officials.
Companies under investigation will now receive 10 days' notice before any public announcement, up from the originally proposed one day.
The FCA will apply a public interest test to assess potential negative impacts, including market instability, loss of public confidence, or harm to firms' staff and customers.
The regulator clarified that investigations launched before the new rules take effect will not be disclosed unless already public and deemed in the public interest.
The revised proposals are open for consultation until February 17, 2025, with a final decision expected by the end of March.