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An uncontentious improvement has been lost for the sake of protecting City competitiveness. No wonder consumer groups are dismayedLobbying victories for the City do not come much more comprehensive. Last year, the Financial Conduct Authority, the industry regulator, put forward a proposal that it should be able to name firms under investigation more frequently.Greater openness at an earlier stage, argued the FCA, could deter bad behaviour and protect consumers. A “public interest” test on disclosure would be better than the existing “exceptional circumstances” rule that was so stifling that the FCA was silent even as British Steel pensioners, in a well-publicised scandal in 2017, were fleeced by unscrupulous financial advisers who gave them terrible advice. Continue reading…
An uncontentious improvement has been lost for the sake of protecting City competitiveness. No wonder consumer groups are dismayed
Lobbying victories for the City do not come much more comprehensive. Last year, the Financial Conduct Authority, the industry regulator, put forward a proposal that it should be able to name firms under investigation more frequently.
Greater openness at an earlier stage, argued the FCA, could deter bad behaviour and protect consumers. A “public interest” test on disclosure would be better than the existing “exceptional circumstances” rule that was so stifling that the FCA was silent even as British Steel pensioners, in a well-publicised scandal in 2017, were fleeced by unscrupulous financial advisers who gave them terrible advice.
