CP24/2, Part 2: Greater transparency of our enforcement investigations

Read CP24-2, Part 2 (PDF)

Why we are consulting

In February 2024, we consulted on changes to our Enforcement Guide and bringing an increased focus, pace and transparency in our investigations.

In response to feedback, we publish this further consultation including these significant changes to initial proposals:

1. We are now proposing that the impact of an announcement on the relevant firm would form part of our public interest test and be central to our consideration of whether to announce an investigation and name the firm. 
2. We are now suggesting giving firms 10 business days' notice of an announcement, with a further 2 days' notice if, following this, we decide to go ahead and announce. This is instead of the originally proposed 1 day’s notice to give firms more time to make representations. This would also give firms time to consider whether they wish (or need) to make an announcement themselves or make representations as to how and when that could be done.
3. We propose that the potential for an announcement to seriously disrupt public confidence in the financial system or the market should be a new factor in the public interest test.
4. We will not make proactive announcements of investigations that are on-going when the proposals come into effect, although we may reactively confirm on-going investigations that are already in the public domain, where this confirmation is in the public interest.

Who this is for

This further consultation is likely to be of interest to:

• firms that fall within our regulatory oversight and who may be subject to an enforcement investigation, whether authorised or registered with us or who will be carrying out designated activities, as well as individuals working in these firms
• consumer and investor groups and individual consumers and investors
• industry groups, trade bodies, experts and commentators, and
• other regulatory bodies

Next steps

We welcome continued feedback on our proposals and views in response to the further detail this paper includes. 

Online response form

Please share any comments by responding to our online questionnaire by 17 February 2025.

Our board plans to decide on the proposals in the first quarter of 2025.