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U.K. Plan to Name Suspected Compliance Violators Could Prompt Legal Challenges
By Vanya Dragomanovich
printA decision by the United Kingdom's financial regulator to disclose which banks it is investigating for potential infractions could lead to a slew of legal problems for the agency, say attorneys. On Tuesday, the Financial Conduct Authority (FCA) confirmed that it will move ahead with plans to publish "warning notice statements" naming banks merely under suspicion of regulatory violations. Previously, the agency only identified financial institutions or individuals as part of finalized enforcement actions. Under the new plan, the FCA will determine on a case-by-case basis which details to publish in summaries of the suspected violations. The agency will also...
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