(Bloomberg) -- The UK’s main opposition Labour Party said Britain’s top financial watchdog should listen to feedback from the City over its plan to name firms under investigation at an early stage, proposals that have sparked a backlash from the government and industry.

The FCA “should ensure it adequately reflects responses received during the consultation process and takes into account the views of the sector,” Labour said in a statement. “There must be an appropriate balance between enhancing the integrity of the sector while protecting the international competitiveness of the UK.”

Labour’s intervention follows a stark public rift between Chancellor of the Exchequer Jeremy Hunt and the regulator, after Hunt urged the FCA to reconsider its “name and shame” plans over concerns that it would diminish the attractiveness of the UK for investment. Labour’s cautious position on the issue tallies with its recent efforts to present itself as a pro-business party as it seeks centrist support ahead of a general election due later this year.

Read More: Hunt’s Intervention Exposes FCA’s Widening Rift With Westminster

The FCA has argued that its “name and shame” proposals would boost transparency and have a deterrence effect against misconduct. Supporters of the FCA also point out it intends to use the power sparingly and when it is judged to be in the public interest. That could be as little as one case disclosed a year, one person familiar with the matter told Bloomberg News.

The FCA’s consultation on the plan has closed and it’s expected to make a decision about whether to proceed shortly. The FCA’s Chief Executive Officer Nikhil Rathi and Chairman Ashley Alder are due to appear in front of Parliament’s Treasury Committee next week.

Read More: FCA Name-and-Shame Plan Is Mad, Bad, Dangerous: Marcus Ashworth

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