Reply from london stock exchange / FCA office.
Dear Tommy
Thank you for reporting your concerns and corresponding with my colleague Simon.
The information you kindly provided has been logged and referred to the relevant teams for their review. We appreciate members of the public raising their concerns with us, because this can be a valuable source of intelligence.
Just to set expectations, when you provide us this information, we wouldn't be able to provide you with an update to what we do with the information you've provided us due to the restrictions on the
information we can share.
Our remit
Section 348 of the Financial Services and Markets Act 2000 (FSMA) places certain legal restrictions on what information we can disclose, and a public body like the FCA has to treat some information as confidential. The reason behind this and our policy of not providing feedback is that having a clear confidentiality restriction encourages the free-flow of information, which is at the centre of how we regulate. If there was uncertainty about information becoming public, our sources could be less willing to give it to us. Similarly, we don’t usually make public the fact that we are investigating (or have investigated) a particular firm or individual. This is partly to protect the effectiveness of our investigation, as publicity might encourage people to destroy or hide evidence, and partly because announcing an FCA investigation can damage reputations.
We understand that not revealing what action we may have taken can be frustrating. But we do carefully consider the information you give us and we value it. Even if the information has not resulted in us taking formal action against a firm, it often helps us in future dealings – building up a picture of a firm or individual’s conduct or informing how we develop policy.
I'd like to thank you again for the information you've shared with us. If we require any further information, we'll be in contact with you directly.
Yours sincerely,
Mukhtar Raja (Mr)
Supervisor | Supervision Hub
Financial Conduct Authority |
www.fca.org.uk
Consumer Helpline: 0800 111 6768
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