Plans to allow the new financial regulator to publish warning notices about enforcement action have been branded as "unjust and dangerous" by a Conservative peer.
The Financial Services Bill, which is currently making its way through the House of Lords, will give the Financial Conduct Authority (FCA) the power to publish the notices without even having to consult firms, and the plans have received strong backing from consumer bodies. However, the proposal has already been criticised by the Treasury Select Committee, and Lord Flight has now added his voice to the concerns. "The Bill enables the FCA to publish warning notices before there has been any sort of a fair hearing, and I think that is completely wrong, unjust and dangerous," he said. ...
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