Financial regulator seeking 'transparency'

The UK's financial watchdog, the Financial Services Authority (FSA), might increase the amount of information it makes public in order to improve its regulation of the sector.

Proposals for increased transparency were contained in a new discussion paper from the regulator.

Should they be implemented, it could mean that the names of firms that the FSA puts under investigation are made available to the public - in contrast to its current practice.

The watchdog also expressed the hope that the publication of the paper would stimulate debate on how much information the FSA should disclose on its activities.

Hector Sants, chief executive of the FSA, said: "We believe that transparency is an important regulatory tool, and as an organisation are committed to being open and transparent."

He added: "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."

Comments are now being invited on the new discussion paper until August 29th.