In Regulatory Wrap for the week to March 7, 2025:
In this week’s Regulatory Wrap, we dissect recent FCA activities that have received scrutiny, such as updates to its “name and shame” proposals and its 12-month email deletion policy.
Regulatory Wrap episode 54: What’s going on with the FCA?
In Regulatory Wrap for the week to March 7, Rob Mason discusses why the FCA has been the subject of scrutiny since the beginning of 2025.
Regulatory Compliance
Video
Highlights:
1. In February, the FCA’s “name and shame” proposals received further criticism, with the U.K. government committee stating that they have been an “abject failure”
2. Considering the unfavorable responses the “name and shame” proposals have received since being announced, FCA Chief Executive Nikhil Rathi stated that the regulator will fundamentally reshape the proposals
3. In addition, the FCA’s policy to delete unnecessary internal emails after 12 months have been negatively received, with one comment stating that it seems to be “one rule for the regulator, and another for the regulated”
4. FCA Director for Intelligence and Digital Ian Phoenix explained the reasoning for this email policy, stating that sifting through over 70 million emails stored within FCA databases was as challenging as trying to find a specific grain of sand on a beach
5. These controversies have brought about the demand for reforms within the FCA to restore confidence among the industry, meaning that the regulator must carefully reconsider its approach moving forward
This episode is brought to you by our Director of Regulatory Intelligence, Rob Mason.
Despite being the governing body for U.K. financial regulations, the industry has emphasized that the FCA is not exempt from the same transparency and retention that it expects from the firms it oversees.
