The Financial Conduct Authority (FCA) board has called in lawyers to investigate the regulator's handling of the revelation it is to examine the fair treatment of "long standing" customers in life insurance products, a revelation which sparked huge losses in some insurers' share prices on Friday.
The four biggest fallers on the FTSE 100 at the close of trading were Resolution, which was more than 7% lower, Legal & General, Aviva and Prudential. Investors interpreted news the City regulator is to investigate firms running 30 million old insurance policies over concerns about "unfair" terms and conditions as damaging to some of the UK's oldest life companies. Information about the FCA's plans appeared to have been part-shared with at least one media organisation on Friday, even though full details of the probe were not due to be published until Monday. Aviva and Partnership, ...
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