Clifford Chance inquiry into FCA 'could cost up to £10m'

Laura Miller

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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