The UK’s financial regulator has dropped plans to name and shame companies under investigation for wrongdoing, under fierce pressure from the industry and politicians.
The Financial Conduct Authority (FCA), the regulator for 42,000 firms in the country, including marine insurers, outlined a plan in February last year to lift anonymity for some firms being investigated for misconduct.
But the move was fiercely opposed by trade associations, which said the measure could unnecessarily damage the reputations of firms and individuals, because two-thirds of cases ended without enforcement action.
