Cost of report into FCA media error approaches £4m

clock

The total costs of an independent report into the Financial Conduct Authority's strategy to brief a national newspaper on one of its high-profile regulatory projects are approaching £4m.

A investigation into the error, carried out by Magic Circle law firm Clifford Chance partner Simon Davis, has so far cost £3.8m including VAT. When the inquiry was first announced, a costs lawyer told Professional Adviser the final bill could be anything up to £10m, given the high profile law firm chosen. Davis, appointed by the regulator in April to review the FCA's handling of the affair, today described the FCA's actions as well-intentioned but ultimately "high risk, poorly supervised and inadequately controlled". In March, FCA director of long-term savings and investments Nick ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Danger' for advisers who think poor conduct is not relevant to them

'Danger' for advisers who think poor conduct is not relevant to them

‘You cannot rely on people deciding what to do in the moment’

Hope Coumbe
clock 28 March 2024 • 1 min read
Advisers on 'dangerous ground' if they take tick-box regulation approach

Advisers on 'dangerous ground' if they take tick-box regulation approach

‘They should embrace the spirit in which the regulation has been created’

Isabel Baxter
clock 27 March 2024 • 1 min read
FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read