The House of Lords Financial Services Regulation Committee produced a report examining the Financial Conduct Authority's (FCA) consultation CP24/2, which proposed publicising enforcement investigations earlier. The report highlights concerns from the financial sector that early announcements could damage firms' reputations and undermine the UK's competitiveness. The Committee scrutinised the FCA's justification for changing its approach, the proposed "public interest framework," and the lack of a cost-benefit analysis. While acknowledging the FCA's revised proposals and engagement with stakeholders, the report expresses reservations about the practicality and fairness of the new framework. The Committee urges the FCA to address outstanding concerns, particularly regarding consistency, proportionality, and potential impacts on market stability and international competitiveness, or reconsider implementing the changes. Ultimately, the report serves as a critical assessment of the FCA's regulatory approach and its potential consequences for the financial services industry. Love our content? Unlock exclusive episodes and dive deeper with us! Become a paid subscriber today and get full access to all premium episodes—packed with insights, stories, and value you won’t find anywhere else. Support the show and elevate your experience. Subscribe now !
