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The U.K. Financial Conduct Authority disclosed changes Thursday to a plan to publicly name banks suspected of regulatory breaches following strong criticism from the financial services industry.

In a departure from longstanding practice, the FCA argued in a proposal in February that naming banks and other financial institutions under investigation for potentially failing to meet anti-money laundering requirements and other compliance obligations would deter future misconduct, increase transparency and encourage whistleblowers to come forward.

The FCA said Thursday that it had redrafted the plan to address industry concerns, including by considering the impact that publicly disclosing a probe would have on the firm in question, giving targets of investigations 10 days’ notice before making a disclosure and taking into account whether naming a company could disrupt public confidence in the financial system.

“Our proposal sparked considerable concern and it’s fair to say that we could’ve landed it better than we did,” Therese Chambers, the FCA’s co-director of enforcement, told journalists in London on Thursday. “But we’re actually proposing a very modest shift.”