Treasury Committee chairman Andrew Tyrie has described as a "welcome step forward" the details of an independent inquiry into how the Financial Conduct Authority (FCA) allowed market sensitive information about its supervisory work to reach the public domain ahead of schedule, thereby creating a disorderly market in shares.
Tyrie said any investigation must be independent of the regulator - which he said mustn't "mark its own homework" - and that the terms of reference of the inquiry, published on Friday, appear to fulfil that criteria. Last month, FCA director of supervision Clive Adamson briefed a Telegraph journalist on details of a supervisory probe into the treatment of "long-standing" customers in life insurance contracts. Fuller details were scheduled to be published several days later. But the newspaper's report - and subsequent media follow-up - prompted significant falls in the share prices of ...
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