The city’s conservative minister, Bim Afolami, told representatives of a financial lobby group last week that Sunak and Hunt are “everywhere…and they are furious” – POLITICO has seen the minutes of this meeting.
The meeting notes also reveal that Afolami asked City officials to write to the chancellor asking him to intervene, which bosses of 15 financial services trade bodies did on Friday afternoon.
They warned that the “Name and Shame” plan “would have a negative impact on their valuation, could endanger the well-being of individuals and could potentially 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 are of course engaging with the FCA and the industry as the proposals are developed. This includes ensuring that any impact on competitiveness is properly taken into account.
An FCA spokesperson said it was “actively engaging” with the government and industry and would “welcome any feedback” on its consultation on the plans, which closes on Tuesday.
Unfairly tarnished
The FCA has been feeling pressure over its proposals since announcing them in February. Peers in the House of Lords warned that the reputations of individuals would be “unfairly tarnished”.
Politices
