All non-media relations personnel at regulated firms should be banned from speaking to the media, regardless of seniority, the FSA says, but it denies choking press freedom.
The "recommendation" in this month's FSA MarketWatch newsletter is directed at situations where a regulated firm is handling "inside information". However the FSA's definition of inside information relates to "a corporate transaction, a trading update, regular financial information or otherwise", potentially trapping all communication between advisers and journalists. The newsletter is not FSA guidance, but a spokesperson for the regulator says if firms fail to implement changes to their media policy, the issue can be consulted on in 12 months time and the changes made formal. ...
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