The Financial Conduct Authority (FCA) has apologised for shortcomings in its handling of a media briefing ahead of the publication of its latest business review, saying it accepts the criticisms and will implement changes to "sharpen its focus".
The regulator gave a market sensitive briefing to the Telegraph about an upcoming review of past life insurance products, sending life insurers' shares tumbling. It explained its remarks and the scope of the review only days later. In an independent inquiry into the matter by law firm Clifford Chance partner Simon Davis, out today, the FCA was accused of a "seriously inadequate" response and falling "short of the standards expected of those it regulates". The FCA responded by saying: "The FCA board fully accept Mr Davis' criticisms, and on behalf of the FCA we apologise for the mis...
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