ABI among trade bodies slamming FCA proposals to name firms under investigation

A policeman with a stop sign

The Association of British Insurers and the London & International Insurance Brokers’ Association are part of a group of 16 trade bodies that have signed a letter to the Chancellor asking for help to push back against the Financial Conduct Authority’s proposals to be able to name firms at the start of an investigation.

The FCA opened a consultation earlier this year on a “step change” in being more transparent when opening an investigation into a firm.

At the moment, the FCA does not normally comment on whether it is investigating an issue and public notices appear only when the case has been resolved.

The trade bodies sent a letter to Chancellor Jeremy Hunt on 26 April outlining concerns and warning of “damaging consequences”.

The group claimed firms believe the proposals will have a negative impact on valuation

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