FCA appoints law firm Clifford Chance to examine closed-book 'blunder'

Non-exec directors at the Financial Conduct Authority (FCA) have appointed Simon Davis, a partner at Clifford Chance, to conduct an independent inquiry into the handling of its proposed investigation into life insurance contracts.

Davis will assess whether there was an appreciation the FCA's 2014-2015 business plan could could contain price-sensitive information, and what the regulator's guidelines are concerning press interviews. It follows accusations the FCA made an "extraordinary blunder" by briefing the Telegraph of its plans several days ahead of the publication of its business plan. Allowing the information to reach the public domain ahead of schedule created a disorderly market in shares, Treasury Select Committee (TSC) chairman Andrew Tyrie said the day after the Telegraph story. The newspaper repor...