FSA consults on power to publish warning notice information

The FSA has published this consultation which will allow it to publish information about the subject matter of a warning notice if it considers appropriate.  This is considered “a real departure from the previous regulatory regime and a bold move towards more transparent and open regulation”.  The power to publish a warning notice is restricted to where the FCA proposes to censure, fine or suspend a firm or individual.  The paper explains that the FCA must consult the affected party before publication and that information will be published provided it is not unfair to the person to whom the notice relates, prejudicial to the interests of consumers or detrimental to the stability of the UK financial system.

The deadline for comments is 18 June.

RELATED LINK

http://www.fsa.gov.uk/static/pubs/cp/cp13-08.pdf