The Financial Services Consumer Panel (FSCP) has called for new regulator to be able to publish the results of mystery shopping exercises, among other recommendations for increased transparency.
In a position paper published today, the influential statutory body said politicians should amend the Financial Services Bill to reword sections 348 and 349 of FSMA 2000, which currently prevents the new regulators from publishing confidential information about the individuals or firms they regulate. This, it said, would enable the new Financial Conduct Authority (FCA) to become a more transparent regulator, with one of the outcomes being that firms could be "named and shamed" after mystery shopping exercises. The FSCP added this would help it to "correct poor firm behaviours, encoura...
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