FCA Launches Consultation on Increasing Transparency of Enforcement Investigations

Part 2 of the consultation outlined four significant changes to those proposed in CP24/2:

• The impact on relevant firms will now be a key consideration when deciding whether to disclose a firm's name under investigation;
• An increase in the notice period before an announcement, extending from 1 day to 10 days, with an additional 2 days if the decision is made to proceed;
• The inclusion of public confidence in the financial system as a factor in the public interest test; and
• Confirmation that ongoing investigations at the time the proposals take effect will not be announced, though the regulator may reactively confirm details of cases already in the public domain if deemed in the public interest.

🗓️ Firms have until 17 February 2025 to provide feedback on the proposed changes using the online questionnaire.