Conservative Cities Minister Bim Afolami told representatives of a finance lobby group last week Sunak and Hunt “are at it… and they’re angry” – minutes of that meeting seen by Politico.
Notes of the meeting also show that Afolami asked City representatives to write to the chancellor, who is the boss of 15 financial services trade bodies, asking him to intervene. Did it on Friday afternoon.
He warned that the “name and shame” scheme “would have a negative impact on their valuations, could jeopardize the well-being of individuals, and have the potential to destabilize financial markets.”
Asked about Afolami’s comments, a government spokesperson told POLITICO: “The approach to enforcement investigations is a matter for the FCA. However, we will certainly be engaging with both the FCA and the industry as the proposals develop. This is, in particular, to ensure that any impact on competitiveness is appropriately considered.
An FCA spokesperson said it is “actively engaged” with government and industry and “welcomes”[d] All Feedback” on its consultation on the plans, which closes on Tuesday.
unfairly stigmatized
The FCA has been facing criticism over its proposals since they announced them in February. Peers in the House of Lords warned persons His reputation would be “unduly tarnished”.