An independent inquiry into the Financial Conduct Authority's (FCA) release of information about its investigation into the fair treatment of long standing life company customers could cost up to £10m, according to a costs lawyer.
The regulator has appointed a partner at leading law firm Clifford Chance to assess the regulator's guidelines concerning press interviews after FCA director of supervision Clive Adamson revealed to the Daily Telegraph that the body would be investigating closed book products, ahead of a formal announcement. The news prompted significant falls in the share prices of several life companies, including Aviva, Prudential and Legal & General, which were all among the largest fallers on the FTSE 100 that day, leading the FCA to announce that it would be calling in external lawyers to assess th...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
