FCA Chief Executive asked to account for his naming and shaming proposals to Lords Financial Services Regulation Committee

The new House of Lords Financial Services Regulation Committee has written to Nikhil Rathi, Chief Executive of the Financial Conduct Authority (FCA), to express its disappointment at the response it received to its letter to him regarding his plans to publicise enforcement investigations.

He will be invited to appear before the committee once it has had a response to its call for evidence.

The committee is unhappy that Mr Rathi did not reply to the committee's request to pause any implementation of the proposed changes until it had taken further evidence.

Lord Forsyth of Drumlean, Chair of the Financial Services Regulation Committee, said: 

“The FCA response failed to directly address our concerns and did not commit to pausing implementation until after our committee had properly scrutinised its proposal. This isn't acceptable.”

Read Lord Forsyth's letter.

Read the committee's first letter and the FCA's response to it.

In the next few days the committee will be launching a short inquiry into the FCA's proposal and will be inviting the submission of written evidence.