Government demands transparency over FCA enforcement actions

The government has asked the Financial Conduct Authority (FCA) to be more transparent in its supervision and enforcement actions, in a review released yesterday.

The review, which looked at enforcement decision-making at the FCA and Prudential Regulation Authority (PRA), asked the regulators to publish more information about their criteria for starting investigations, approaches to referring cases from supervision to enforcement, and their co-operation with each other. It was launched in May amid concerns over fairness, independence and transparency. The review recognised the FCA's efforts to be transparent by publishing information about enforcement outcomes and referrals following thematic reviews. But the government said more can be done...