Chancellor George Osborne has written to the chairman of the Financial Conduct Authority (FCA) criticising the regulator for its "damaging" behaviour in releasing details of its investigation into insurance policies before a formal announcement.
An FCA probe into 30 million insurance policies going back to the 1970s was revealed by FCA director of supervision Clive Adamson in an interview in the Telegraph last Friday, ahead of a planned release on Monday. The revelation sparked heavy losses in some insurers' share prices. The four biggest fallers on the FTSE 100 at the close of trading on Friday were Resolution, which was more than 7% lower, Legal & General, Aviva and Prudential. In a statement issued six hours after the market opened, the regulator added it was not looking to apply current standards retrospectively - for exa...
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