AIFA: Innocent firms must be publicly exonerated

The Financial Services Bill (FSB) will give the Financial Conduct Authority (FCA) the power to publicise the details of firms and individuals it is investigating at the warning notice stage. But, in a memorandum to the FSB Committee, which is currently scrutinising the legislation, AIFA highlighted some of its concerns. Although it accepted the early publication of warning notices may be of benefit to consumers, it pointed out that, in two-thirds of cases, potential enforcement was not publicly "concluded", meaning there was no public confirmation of innocence. "We recommend that t...