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‘Name and shame’ to be fundamentally reshaped in imminent update, UK FCA’s Rathi says

By Phoebe Seers ( November 13, 2024, 14:54 GMT | Insight) -- A controversial plan to start naming financial services firms that come under investigation will be "fundamentally reshaped" when it is reissued for consultation in the next week or so, UK FCA chief executive Nikhil Rathi told lawmakers today. Giving evidence before a parliamentary hearing , Rathi and FCA chair Ashley Alder acknowledged that mistakes were made when the proposals were first announced. The FCA will give businesses more clarity on when it anticipates making a naming decision and businesses will be given 10 days to make representations against such a decision — up from just one day that had initially been proposed. A proposal to start naming financial services companies that come under investigation will be “fundamentally” reshaped when it is reissued for consultation in the next two weeks, the head of the UK’s financial services watchdog told lawmakers today. ...

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