League table discredit

18 October 2016 By Dominic Elliott

The Financial Conduct Authority has identified some dodgy IPO practices. But after 18 months of work, it’s lacking concrete solutions while still griping about how banks use league tables. The carefully tailored rankings fool no one, and the FCA should focus its effort elsewhere.

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The UK's Financial Conduct Authority on Oct. 18 published the final findings of its investment and corporate banking market study and set out proposals to ensure effective competition in the market.

The regulator wants to ban banks from using contractual clauses that seek to limit clients' choice on future transactions and to scrutinize more closely the allocation of shares in initial public offerings. Two of the four "remedies" highlighted by the FCA, however, involve the potentially misleading use by banks of industry league tables when they are pitching to clients.

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