Members of the House of Lords have written to the Financial Conduct Authority CEO Nikhil Rathi with concerns that the proposed changes on how it reports open investigations “risks the overall integrity of the market”.
The regulator announced back in February that it was looking at updating its process around how ongoing investigations are publicised, and proposed it would announce corporate investigations earlier, publish updates, and close inquiries more quickly in an effort to prioritise cases with the most impact. In a letter to the regulator's CEO, Michael Forsyth, chair of the House of Lord's Financial Services Regulation committee, said the proposals risks having a "disproportionate effect" on firms named in investigations, where those firms are subsequently "cleared of any wrongdoing, particula...
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