FCA drops plan to ‘name and shame’ more UK companies under investigation

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Britain’s financial guard is greatly refusing its controversial plan, “call and shame” more companies that study it to throw the regulatory force, noting the majority.

The authority of financial behavior envisages announcing Wednesday that his proposal to apply new Public interest test After being revealed under the investigation, he was scrubbed after the people familiar with the question. Instead, it is faithful to its strictly “exceptional circumstances” test.

It is significantly reversed to the UK regulator, which brought the main feedback and criticism from the city by government officials when it announced the programs of February 2024.

FCA CEO Nijil Ratin appeared under fire for the proposals of the regulator Driving business abroad When the government is trying to strengthen the growth.

The government has invited many of the country’s regulators to make more growth proposals. On Tuesday, Sir Keir Starmer has announced that he has decided Ax payment systems regulator uniting it with FCA.

It comes after the ministers weeks pushed out After making the reputation of the competition and markets, he was insufficient to grow.

Come the turn Despite the assurances From FCA, it will use narrow settings on which he will announce the investigations, considering the impact of the weighed company.

In November, FCA responded to its investigative companies to criticize its proposals, saying that it would give companies only instead of one of the firm and broader financial stability.

He said that the new policy will only lead to one or two investigations to regulated companies that are revealed every year.

On Tuesday, FCA called on the industry to inform them about its plans and said that they would inform the house of the Communities Treasury and written in writing.

FCA refused to comment.

Last month, the Lord’s committee scored the plan, calling it “refuse to fail” for FCA in the epilice episode. Lord Michael Fansit, the Committee’s Conservative Chairman said that the regulatory regulator was unable to do the case for such a fundamental change.

FCA will continue with programs that must submit critical companies to investigate that there is a wide support in financial services, as well as in investigation.

FCA senior officials have previously said that they want to be called companies that are being investigated to prevent customers more damage, while the British steel pension counseling is investigated.

Two-thirds of FCA investigations have ended without performance actions, giving rise to concern that it can damage the authority of companies by discovering their identity.

But the regulators have strived to raise, the bar needed to open the exam. From April 102, 2023, the number of open exams in FCA decreased by 35%, and none of the time opened without it.