Milbank’s William Charles, Michael Bingham and Thomas Deakin Discuss FCA’s Proposal to Name Firms Under Investigation with Financier Worldwide Magazine

Milbank LLP partner William Charles and associates Michael Bingham and Thomas Deakin, members of the firm’s Litigation & Arbitration Group in London, discuss the latest proposal by the UK’s Financial Conduct Authority (FCA) to identify publicly firms when an investigation is opened in “The FCA Proposes to Name Firms under Investigation: Transparency as a Regulatory Tool?” published as a June 2024 special report in Financier Worldwide magazine.

The proposal represents a substantial shift away from the FCA’s current approach and would, if implemented, result in a public disclosure of firms under investigation before any findings of wrongdoing. This could potentially cause significant damage to such firms regardless of whether the investigation results in any adverse findings.

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