Law firm Clifford Chance - which has been hired by the Financial Conduct Authority (FCA) to review its handling of the release of market-sensitive information to the press - is also a member of the regulator's panel of lawyers tasked with investigating financial institutions.
Clifford Chance, one of what is known as the ‘Magic Circle' of prestigious and highly costly legal companies, will assess the regulator's guidelines concerning press interviews after 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 and prompted some to defend their business models. Treasury Select Committee (TSC) chairman Andrew Tyrie, who said Adamson's comments may been been an "extraordinary...
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