Advisory and Transformation
AML/CTF/CPF
Industry News
The FCA is refining its approach to balance public interest with fairness to firms.
Key points of the consultation include:
- Impact on Firms: The FCA now proposes factoring in the impact on a firm when deciding whether to announce an investigation and name the firm, ensuring a fairer public interest test.
- Extended Notice Period: Firms would receive 10 business days’ notice, plus an additional 2 days before an announcement is made. This replaces the initially proposed 1-day notice, allowing firms more time to respond or prepare their own announcement.
- Market Confidence: The FCA suggests adding the risk of serious disruption to public confidence in the financial system or markets as a new consideration in the public interest test.
- Exclusion of Ongoing Investigations: The FCA will not proactively announce investigations already underway when the proposals take effect. These will remain subject to the existing “exceptional circumstances” policy.
📅 The FCA is seeking feedback on these revisions, offering an opportunity for industry voices to shape this important shift in enforcement transparency. Firms have until 17 February 2025 to respond.
