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The UK’s Financial Conduct Authority (FCA) issued a consultation paper (CP24/2) in February 2024 requesting feedback on proposed changes to the FCA Enforcement Guide and a new approach to publicising enforcement investigations.
The FCA’s proposals provide for publication of more information about enforcement investigations, including on the opening of an investigation. The measures also include proposals to publicise the names of subjects under investigation where appropriate by reference to a public interest framework.
Currently, the FCA publishes information about investigations only at their conclusion and where those investigations lead to an enforcement outcome. The FCA states that its proposals are designed to increase transparency about its investigatory work with the aim of enhancing public trust in the FCA, supporting its accountability and producing a deterrent effect across the market as a whole.
ClientEarth strongly supports these proposals and suggests that the provision of information at an early stage of investigation is of particular importance in increasing regulatory transparency and materially building trust. ClientEarth agrees with the FCA that enhanced publication measures will effectively drive the FCA’s accountability and materially strengthen the educational and deterrent impact of its enforcement activities.