(Bloomberg) -- The UK’s financial watchdog said it will identify firms it’s investigating at a much earlier stage, in an effort to encourage whistleblowers to come forward and boost deterrence.

The Financial Conduct Authority on Tuesday unveiled the proposals, which also included steps to speed up cases, in the first major update by its new enforcement chiefs. The FCA has faced criticism from both London’s courts and defense lawyers for a lack of urgency in some of its cases and is seeking to bolster transparency around the way it takes on investigations.

“By being more transparent when we open and close cases we can enhance public confidence by showing that we are on the case,” said Therese Chambers, the FCA’s joint executive director of enforcement.

The UK operates a patchwork quilt of different law enforcement agencies when dealing with economic crime and the FCA’s proposals echo moves by the Serious Fraud Office’s new director to move far more quickly around investigations. The SFO has a broader oversight while the FCA’s criminal powers include insider dealing and money laundering.

The FCA has previously only published details around investigations in “very limited circumstances.” The FCA said it’s unlikely to announce investigations into individuals because of strict privacy rules.

A London court slammed the FCA for what it called “unacceptable” delays in its investigation into bankers at Julius Baer Group Ltd. 

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