Emma RadmoreThe FCA has confirmed it will not be taking forward its controversial proposals to publicise investigations into regulated firms on a “public interest” basis. Nikhil Rathi confirmed that because of a lack of consensus, it will continue to publicise these investigations only on an exceptional circumstances basis. There was support for reactively confirming investigations that are already in the public domain and investigations into unregulated firms into potentially regulated activities, and also for publishing greater detail on investigations on an anonymised basis. The FCA will now publish its final policy on this by the end of June.
In a letter to the Treasury Committee, the FCA also confirmed that the time it is taking to complete investigations is showing a far greater pace of progress than previously.
Separately, the FCA and PRA have confirmed that they will not be taking further their work on DEI “in light of the broad range of feedback received, expected legislative developments and to avoid additional burdens on firms at this time”. However, the FCA will be publishing its plans on non-financial misconduct – but will not be setting out its next steps until June. Sam Woods’ letter to the Treasury Committee confirmed that the PRA will not be reopening the issue until the wider legislation planned has been implemented. The letter also noted that the PRA is still committed to reviewing the impact of removing the bonus cap on gender pay inequality but that this work is not likely to begin until the 2026/7 financial year given the time it will take for firms to make changes to their remuneration policies. The FCA wrote in similar terms.