The FCA has dropped the “public interest framework” AIMA and others objected so strongly to in its revision of its enforcement guide. It has instead amended its guidance, effectively accepting some of the drafting suggestions in AIMAs’ response to the second round of consultation.

Policy Statement PS25/5 says on page 6: “In light of feedback, we have decided not to proceed with our proposal to introduce a public interest framework. We will instead keep our existing exceptional circumstances policy as the principal test to decide if we should publicise an investigation into a regulated firm.

“1.17 However, our policy now provides for 3 additional circumstances where we may also make announcements. These reflect areas where there was broad support for more transparency and much less concern.

“1.18 The first will allow us to name a subject we are investigating for:

• suspected unauthorised financial services, including communicating a financial promotion without appropriate approval; or

• a suspected offence linked to unregulated activity if we consider an announcement is desirable to warn or alert consumers or investors, or to help the investigation itself, for example by bringing forward witnesses.

“1.19 The second will allow us to publicly confirm that we are investigating a subject if they, an affiliated company or a regulatory body, government or public body in the UK or a partner jurisdiction has or have already made that fact public. Our announcement may also confirm the nature of the investigation as far as that has already been made public.

“1.20 The third will allow us to make public that we are investigating a particular matter on an anonymised basis without naming or identifying the subject of the investigation. We may do this where it would be desirable to educate people generally about the types of conduct we are investigating or to encourage firms to comply with our rules or other requirements.”

The revised guidance takes effect from today 3 June 2025.