ShareSoc Evidence to Lords on FCA Enforcement

ShareSoc has submitted an evidence statement to the House of Lords Financial Services Regulation Committee regarding their consultation on the Financial Conduct Authority’s enforcement guidance proposals. 

We reported here that we support the FCA’s proposals to improve the transparency of their enforcement actions.  

The need for change was further underlined at a meeting between ShareSoc and the FCA on 14th November, at which we expressed concerns about a specific case.  

Under the current regime, the FCA will not disclose whether it is taking, or intends to take, any action in that case, which leaves us in the dark on whether any action we take might conflict or overlap with the FCA’s intentions. 

We were therefore dismayed (but not surprised) when there was intense lobbying from the financial services industry against the FCA’s proposals. This culminated in the Lords Financial Services Regulation Committee launching an enquiry into those proposals, after expressing concern about them. 

ShareSoc, supported by UKSA, made an evidence submission, in support of the FCA’s proposals, which you can obtain from the Lords’ website. Click here for a direct link to view our submission.