Consumer groups appear as one of the few voices in support.
Mick McAteer, co-director of The Financial Inclusion Centre and a former FCA board member, says: "There is currently too much protection given to commercial interests in legislation and regulation. Commercial confidentiality is wheeled out too often to justify not disclosing information about regulatory activity.
"So, it is welcome that the FCA intends to become more transparent about enforcement activities. Obviously, in the interests of natural justice, care must be taken to ensure this new approach is used fairly and responsibly. But, it should act as a powerful deterrent against potential wrongdoing."
Still, the corporate advisers are concerned that human nature may trump fairness when it comes to making public statements.
Gibson Dunn's Nunan says: "The FCA is under a lot of pressure to take more action faster in different sectors, which means by definition it will be opening a lot of [cases] where there may turn out to be nothing.
"There will be a lot of attention on the firm, and will there be a lot of attention when it closes? They haven't said what publicity there will be when they close it."
Melanie Tringham is features editor at FT Adviser
