FCA ‘Name And Shame’ Plans Concern UK Financial Sector

FCA ‘Name And Shame’ Plans Concern UK Financial Sector

Plans by the UK financial regulator to “name and shame” companies under investigation could cause reputational damage and a loss of business for companies that are later found to be innocent, people in the industry have warned.

BCL’s John Binns expresses his concern about the independence of the FCA in VIXIO.

“While it’s crucial to acknowledge the positive economic impact of taxes from the financial services sector, we must also guard against any compromises in industry integrity due to malpractice,” he said. “The effectiveness and success of our financial services industry stem from its well-regulated environment, which ensures safety and security.”

This comment was first published in VIXIO on 8 May 2024. To read the full article, please click here.

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