Trade bodies call for chancellor to stop FCA public enforcement

‘Proposals to publicise investigations are a worrying development’

Isabel Baxter
clock • 2 min read

The Personal Investment Management & Financial Advice Association (PIMFA) has joined 15 other financial services trade associations calling on chancellor Jeremy Hunt to intervene over the Financial Conduct Authority’s (FCA) proposals to publicise enforcement investigations of firms.

Some of the other trade bodies include UK Finance, TheCityUK, and the Association of British Insurers. At present, the regulator only publicises enforcement action if a financial services firm is found guilty of misconduct or to have breached the FCA's regulations. In February, the FCA initiated a consultation process regarding plans to enhance public visibility into enforcement investigations. Proposed measures included publishing regular updates on ongoing investigations and openly disclosing cases that have been concluded without enforcement actions. The trade bodies believe the...

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

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Regulation

FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read
FCA bans and fines two over pensions transfer advice

FCA bans and fines two over pensions transfer advice

'Poor advice' related to BSPS transfers and other schemes

Jen Frost
clock 31 October 2024 • 2 min read
Donre Advisory-owned SIPP operator enters administration

Donre Advisory-owned SIPP operator enters administration

PSG SIPP administered schemes transferred or to be acquired

Jen Frost
clock 29 October 2024 • 2 min read