The City’s lobbying battalion in full cry is something to behold. Witness the furious response from the banking and finance industry to a proposal from the Financial Conduct Authority (FCA) to name firms under investigations occasionally – specifically when it thinks the public interest would be served.
One regulatory aim is to improve behaviour in an industry that, let’s face it, doesn’t have an unblemished record. From the noise heard from the lobbyists, you’d almost think the FCA was suggesting banging up all the chief executives on the spot, as opposed to striking a modest blow in favour of transparency when a clear case can be made.
