The article discusses the recent abandonment of the FCA's proposal to increase transparency in naming firms under investigation due to lobbying from City firms. Despite the FCA's intention to deter misconduct and protect consumers, the proposed changes sparked outrage among industry stakeholders who argued that such measures would harm reputations even without a conviction. Ultimately, the FCA's review resulted in a reversion to the old exceptional circumstances rule, illustrating the influence of lobbying on regulatory practices in the financial sector.
"The Financial Conduct Authority's proposals aimed at greater openness faced intense backlash from City firms, resulting in a retreat to the old exceptional circumstances rule."
"Critics argued that naming firms under investigation could harm reputations and damage the competitiveness of the City, leading to government backing against the FCA's reforms."
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