The disclosure of warning notices is a key part of the government's vision for the Financial Conduct Authority (FCA) but the power will be scrapped if used inappropriately, the House of Lords heard.
In a debate on amendments to the Financial Services Bill, Lord Sassoon said giving the regulator the power to disclose warning notices to the public was a "major step change" and the government was committed to it. However, he added the government would revisit its position at the report stage of the Bill by introducing a power to repeal the FCA's ability if the "Treasury considers its use is contract to the public interest". He said: "The power to disclose warning notices is a key part of our vision for the FCA. It allows the FCA to regulate is a proactive way. Although we believe th...
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