A City law firm has attacked the regulator's plans to remedy the damage caused to firms subject to a false warning notice, saying the proposed action was little more than a "footnote".
Partner at law firm CMS Cameron McKenna Simon Morris said the Financial Conduct Authority's (FCA) new powers to name and shame firms and individuals in a warning statement will cause damage that the regulator will not be able to repair. He said the regulator's plans to publish 'notices of discontinuance' where a case against a firm has been dropped will not have the same impact as the original notice and will effectively destroy small firms and individuals. Individuals who have been publicly shamed by the FCA are "basically dead in the water" he said, while small firms "would lose pub...
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