FSA proposes increased transparency disclosure

Code of conduct for regulatory disclosure of company information under discussion in a new paper released by the UK’s FSA

LONDON – The UK Financial Services Authority (FSA) has published a discussion paper on the future disclosure of information about regulated companies and sectors in financial services, as part of increased transparency efforts within the industry.

The FSA says more firm specific and broad industry information could lead to easier compliance for firms, consumers and markets. The discussion paper contains a code of practice regarding FSA decisions on information disclosure and the types of information that would come under consideration for publication.

The paper acknowledges the market’s often “polarised views” on transparency, saying it wants to initiate a debate of proposals with those affected in the industry. The paper also stresses the distinction between making information available to aid best-practice principles rather than disclosures that could result in confusion or a negative affects.

Hector Sants, chief executive of the FSA, says: “We believe that transparency is an important regulatory tool, and as an organisation are committed to being open and transparent. The discussion paper seeks to initiate debate on how we can better utilise transparency to achieve our regulatory aims, and in particular proposes a code of practice.”

The discussion paper is available for industry comment until August 29
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