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 - a member of what is known as the ‘Magic Circle' of prestigious and highly costly legal companies - 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 FTS...
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