Industry calls for intervention on FCA enforcement proposals

16 financial services trade associations, including UK Finance, the ABI, TheCityUK and PIFMA, have written to the Chancellor asking him to intervene over the FCA’s proposals to publicise enforcement investigations. PIFMA said the impact could lead clients to leave smaller firms “in droves”, while larger listed firms would almost certainly suffer significant market volatility. The letter also notes that the proposals would be likely to have damaging consequences for the competitiveness of the UK’s financial services sector.