FCA chair: Name and shame plans 'valid' despite 'stern reaction'

Ashley Alder was speaking at a Treasury Committee hearing

Cristian Angeloni
clock • 4 min read

The Financial Conduct Authority’s (FCA) plans to introduce ‘naming and shaming’ of companies under investigation is “valid” and “suitable” for consultation, chair Ashley Alder has said.

In a Treasury Committee hearing yesterday (8 May), Alder told MPs the regulator was not "expecting such a stern reaction" to the proposals both from industry and government, after even Chancellor Jeremy Hunt criticised the plans. Alder explained the consultation aims to improve deterrence and strengthen the whistleblowing framework to ensure it is "more effective"; adding the naming proposals were born out of factors including speculation and rumour around cases and the impact these could have on public confidence. He also noted that on several occasions there had been "asks" from bod...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

2024 general election: Labour hits back with its manifesto release

2024 general election: Labour hits back with its manifesto release

‘Financial services are one of Britain’s greatest success stories’

Professional Adviser
clock 13 June 2024 • 1 min read
Where to next for the FSCS levy after recent developments?

Where to next for the FSCS levy after recent developments?

‘One positive aspect of the recent reduction is the successful recoveries’

John Netting
clock 03 June 2024 • 2 min read
Three key areas of regulatory focus for the advice profession

Three key areas of regulatory focus for the advice profession

'The only constant is change and this is certainly true for regulation'

Alex McGregor and Kris Armstrong
clock 24 May 2024 • 5 min read