Thames, London | Seven Compliance

Public name and shame?

The FCA say they will publish enforcement actions against firms including those where the case is closed with no action taken. It is therefore even more imperative that Firms have regular compliance monitoring by outside independent consultants to spot any shortcomings and provide remediation before matters escalate.

Please see below from the FCA:

“As part of the new approach the FCA has begun a consultation on plans to be more transparent when an enforcement investigation is opened. Under the plans the FCA will publish updates on investigations as appropriate and be open about when cases have been closed with no enforcement outcome.

The moves are a step change from the current process where investigations are only announced in very limited circumstances.

Therese Chambers, joint Executive Director of Enforcement and Market Oversight at the FCA said:

‘By being more transparent when we open and close cases we can enhance public confidence by showing that we are on the case. “