The Financial Conduct Authority (FCA) has abandoned a controversial plan to publicly name companies under investigation due to significant pushback from businesses and critics. Initially proposed to enhance transparency and support whistleblowers, the plan faced criticism from City minister Tulip Siddiq and others who argued it could inhibit investment. FCA Chief Executive Nikhil Rathi acknowledged ongoing concerns and decided to maintain limited disclosures, emphasizing the need for a broader conversation on regulatory approaches that balance public interest and business confidence.
Nikhil Rathi emphasized the need for consensus, stating, 'Considerable concerns remain about our proposal to change the way we publicise investigations into regulated firms...'
The decision to scrap the public naming of firms was influenced by criticism and the government's broader agenda to cut back bureaucracy that impedes investment.
Critics argued that transparency could help protect consumers, with Rathi mentioning, '...we believe will help support our efforts to protect consumers from harm...'
Siddiq expressed her concerns, stating she could overrule the FCA if it continued with the public naming plan.
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