The FSA today said it "welcomed" the government's intention to give regulators new powers to publicise when a warning notice has been issued against a firm, but claimed the powers do not go far enough.
The regulator said it would not consult the subject of the warning first, as is the current plan under the draft Financial Services Bill. It said this would bring the rule into line with standard civil and criminal legal powers and counter suggestions that the regulatory process is disproportionately biased in favour of financial services and industry practitioners. "In our judgement [consulting] will seriously undermine the effectiveness of this power as we believe most, if not all, firms and individuals are likely to object to details of the warning notice being published, the regul...
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