The Financial Conduct Authority (FCA) is set to be heavily criticised over its decision to leak details of an upcoming insurance probe to a national newspaper, inadvertently causing shares in several major life companies to plummet, according to reports.
In its final report into the events a year ago, set to be published this week, the Treasury Select Committee (TSC) will accuse the financial services watchdog of a "dereliction of duty", Sky News reports, citing an unnamed source. The broadcaster said FCA chairman John Griffith-Jones and chief executive Martin Wheatley will be singled out for criticism. In March 2014, the regulator agreed to brief a national newspaper on details of an upcoming probe into "long-standing" customers in life insurance-type products. By seeking early coverage of its plans, which were due to be announced...
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