The Financial Conduct Authority (FCA) will name individuals and businesses when they start any investigation into them, when it takes over as financial services regulator next year. The move marks a seminal change from the current regulator’s policy of naming only after enforcement action has been taken against a person or business. It could mean that in future, any debt collection agency (DCA), debt purchaser or debt management company, or board-level director within these companies, could be named by the FCA even if at a later stage, there has been no evidence of wrongdoing.

The Financial Services Authority announced the plan as part of a document, entitled Journey to the FCA, which spells out in detail how the FCA will operate and use unprecedented new powers. Companies will also be forced to redress consumers financially much earlier by the FCA. FSA managing director and chief executive officer designate of the FCA, Martin Wheatley, said: “The FCA offers a huge opportunity for the regulator and firms to start afresh, and work in partnership to reset how we deal with conduct in financial services.....Read more here: FCA to name and shame before action is taken