UK

UK regulator insists ‘name and shame’ plan will not harm City competitiveness

FCA said it would take ‘several months’ to consider its next steps after ‘stern’ pushback over the proposed policy

Financial Conduct Authority said that the new powers, which would be applied using a "public interest" test, were necessary for the regulator given its unique role in the UK’s financial system. Picture: Getty

The UK's financial services watchdog has sought to rebuff concerns that a proposal to "name and shame" firms under investigation would hamper competitiveness, as officials admitted surprise at the angry reaction from the City.

Nikhil Rathi, chief executive of the Financial Conduct Authority, told MPs on the Treasury Select Committee that the regulator would take "several months" to consider its next steps.

Rathi, who has led the FCA since 2020, appeared alongside its chairman Ashley Alder amid a growing backlash from the City about plans to name firms facing investigation.