So, the FCA listened to feedback it received in response to its consultations on revised publicity proposals (aka naming and shaming).  Respondents requested that, instead of naming firms under investigation, the FCA provide more information to the market on current enforcement investigations on an anonymised and thematic basis through a regular publication such as an "Enforcement Watch". 

The FCA's first Enforcement Watch covers:

• Its updated publicity policy in action
• Enforcement case priorities
• International partnerships

Publicity policy and considerations 

It says that when it opens a case, it will always consider whether to announce and regularly revisit its decision during the investigation. When it decides whether to make an announcement, it considers the potential prejudice that it believes may be caused to any people or firms who are, or are likely to be, a subject of the investigation. 

The FCA outlines its enforcement activity over the past few months.  Between 3 June and 31 December 2025, the FCA opened 23 enforcement operations.  In six of those, the FCA is only investigating individuals. The bar for announcing an investigation into an individual is high, and the FCA doesn't think any of those have yet met that bar.

The FCA has confirmed three investigations into listed issuers following an announcement by the firm concerned – these were investigations into John Wood Group plc, Drax Group plc and WH Smith plc. 

Two investigations have been opened regarding unauthorised business activity. The FCA has decided not to announce those investigations yet for operational reasons, but it is keeping that decision under review.

The FCA has opened 12 operations into authorised firms, naming one firm under investigation. It decided that its investigation into The Claims Protection Agency Limited (TCPA) met the 'exceptional circumstances' test. This followed concerns about its advertising and sales tactics in relation to potential motor finance claims. TCPA filed a judicial review application challenging the FCA's decision to announce, which the High Court dismissed.

The FCA has also confirmed investigations into two insurers in the home and travel markets, without naming them.

For the remaining cases, the FCA considered the exceptional circumstances test. However, it did not think the threshold had been met in these cases, but again is keeping the position under review.   

The FCA's enforcement case priorities

The factors leading to the FCA opening an investigation are unique in each case. However, some of the reasons that lead the FCA to use enforcement tools include where it suspects:

• Repeated failures to be open with the FCA about its concerns.
• Failing to put things right promptly, where its supervisory work has highlighted significant concerns.
• Deliberately misleading the FCA, consumers or the markets.
• Causing significant harm to consumers through fraud, severe disruption to services and/or misappropriation of assets.

Hopefully, this publication should enable the FCA to get its key messages to the market, whilst avoiding unnecessary damage to firms' reputations and supporting them to achieve the desired level of compliance.