City minister Tulip Siddiq has urged the Financial Conduct Authority to reconsider its approach to naming and shaming firms under investigation, expressing concerns about its potential negative impact on financial stability. This follows criticism from lobbying groups including UK Finance, which highlighted that such actions could be detrimental to broader financial confidence. Siddiq's intent to possibly overrule the regulator indicates a significant government interest in the methods and consequences of regulatory enforcement.
Siddiq highlighted the case of fintech company Revolut during her address, commending them for their research on economic crime. This comes as Revolut faced challenges in the realm of fraud and scam complaints, topping the list this summer according to the Financial Ombudsman Service. The firm's struggle with compliance issues has been a major focus, as they strive to enhance their efforts amid a growing recruitment drive in compliance to support their expansion plans.
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