"This is a fundamental shift from the approach the FCA originally proposed last year."
“From the previous idea of bringing more publicity into the progress of investigations for the sake of transparency, the approach now proposed is limited.
“The upshot is that the FCA will only in exceptional circumstances publicise an investigation, although they have left open the possibility of making announcements in several other circumstances, for example if they are investigating unregulated activity, if the investigation is already public, and also potentially making an announcement on an anonymised basis so as not to identify the subjects of the investigation.
“As always, a key driver for the FCA will be protection of consumer interest; particularly in cases of suspected fraudulent activity, there is obviously a benefit to transparency and communication with the market to prevent harm being caused.
“Financial services firms must still be aware that there are circumstances in which the FCA will test the boundaries in making announcements. They cannot assume there will likely be a cloak of confidentiality as before."