Millions of UK consumers are in the dark over a mystery firm being probed by the City watchdog because of rules that prevent it being named, MPs were told yesterday. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), revealed the investigation was under way as he defended proposals to lift the veil of secrecy. Rathi is at war with ministers, including Chancellor Jeremy Hunt, and the financial sector over plans to make it easier for the FCA to name companies it is investigating. His remarks came hours after City minister Bim Afolami attacked naming and shaming and a plan to impose equality quotas. The regulators need to.
John-Paul Ford Rojas
Alex Brummer