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"html": "<p style=\"margin-left: 0\">After a few months of silence (the FCA’s promise to listen to the “<i>extensive feedback</i>” it had received at the consultation’s close in April 2024, swiftly being followed by the May announcement of the General Election), Therese Chambers yesterday <a href=\"https://www.fca.org.uk/news/speeches/change-better-evolving-approach-enforcement\">announced</a> an Autumnal “<i>intensification</i>” of FCA engagement in relation to its deeply unpopular proposals to publicise its investigations. </p><p style=\"margin-left: 0\">The speech emphasised recent successes in levying fines and conducting criminal proceedings, as well as “<i>significant advances</i>” in the pace of conducting (and concluding) investigations, but noted a continued desire for “<i>appropriate openness</i>” in relation to investigations, to: (1) give consumers information for “<i>decision-making</i>”; (2) highlight concerning conduct to the market; and (3) assure whistleblowers/other interested parties of the steps being taken.</p><p style=\"margin-left: 0\">Despite the promised “<i>intensification</i>” of engagement on these proposals, the speech:</p><ul><li>unqualifiedly acknowledged the “<i>overwhelming</i>” opposition to, and “<i>serious concerns</i>” about, the proposals from those regulated by the FCA; </li><li>repeatedly emphasised the lack of “<i>rush</i>”; </li><li>admitted that the proposed public interest test was “<i>too high level and lacked specificit</i>y” and that any further test <u>will</u> include “<i>consideration of the potential impact on the firm and market</i>”; </li><li>decried any “<i>blanket</i>” policy of publicity (in contrast perhaps to initial descriptions in the Consultation Paper of a new “<i>principle of a presumption of transparency</i>”); and </li><li>promised to provide some worked examples of the proposals (including “<i>case studies examining how the criteria might apply and what announcements could look like</i>”).</li></ul><p style=\"margin-left: 0\">Strikingly, the speech ended by emphasising that the FCA is mindful of all of its objectives, including “<i>supporting the international competitiveness of the UK’s financial services and the medium to long term growth of the economy</i>”, which will be welcome to all those concerned about how the proposals aid the FCA with meeting its important secondary objective.</p><p style=\"margin-left: 0\">Whether those with fundamental concerns in principle to the FCA’s proposal to publicise investigations as a deterrent can be reassured by further discussions, however, remains to be seen. What is clear is that the conversation will now continue for some time, likely both through official/usual channels and, as we saw earlier in the year, through the press, with City minister Tulip Siddiq recently reported to be no keener on the proposals – which she notably says that she will further consider when the FCA “<i>report</i>[s]<i> back</i>” before she “<i>make</i>[s] <i>a decision</i>” – than her Conservative predecessors (<a href=\"https://www.theguardian.com/business/2024/sep/24/minister-naming-and-shaming-tulip-siddiq-financial-conduct-authority\"><i>Minister urges UK financial regulator to rethink ‘naming and shaming’ plan</i></a>).</p><p style=\"margin-left: 0\"><strong>Next steps</strong></p><ul><li><strong>Friday, 11 October 2024</strong>: The Financial Services Regulation Committee’s renewed <a href=\"https://committees.parliament.uk/call-for-evidence/3436/\">call for evidence</a> on the FCA’s proposals closes.</li><li><strong>Later this Autumn</strong>: The FCA will provide further detail on how its proposals could work in practice.</li></ul><input type=\"hidden\" id=\"passle-remote-hosting-tracking-shortcode\" value=\"102jk3l\" />",
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