The Financial Conduct Authority (FCA) has apologised for the shortcomings in its handling of a media briefing ahead of the publication of its latest business plan, saying it accepted the criticisms and would implement changes to "sharpen its focus".
The regulator gave a market-sensitive briefing to the Telegraph about an upcoming review of past life insurance products, sending life insurers' shares tumbling. It explained its remarks and the scope of the review in its 2014-2015 Business Plan published only days later. In an independent inquiry into the matter by law firm Clifford Chance partner Simon Davis, the FCA was accused of a "seriously inadequate" response and falling "short of the standards expected of those it regulates". The FCA responded by saying: "The FCA Board fully accept Mr Davis' criticisms and on behalf of the...
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