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Clive Adamson set to leave FCA as closed book report looms

FCA director of supervision Clive Adamson is preparing to step down from the regulator ahead of publication of a report on the FCA’s handling of a botched media briefing.

Sky News reports that Adamson is expected to leave in the coming months. 

The report on the FCA’s bungled announcement of its review into closed book legacy business, which caused insurers’ share prices to tumble in March, will be published next week. It is not clear whether Adamson’s departure is directly linked to the inquiry. 

It is thought that Adamson’s exit could be announced in the coming days.

The FCA has appointed Clifford Chance to carry out the inquiry.

On 28 March, the Daily Telegraph reported that the FCA was set to force insurers to review exit charges on all their legacy policies as part of a closed book investigation, following a briefing to the newspaper by Adamson.

Insurers’ share prices plummeted in the six hours it took the FCA to release a clarification statement on the scope of the review.

In July, Money Marketing revealed the cost of the inquiry had soared to £2.2m. 

The FCA declined to comment.

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Comments

There are 14 comments at the moment, we would love to hear your opinion too.

  1. Which bank is he joining?

  2. That explains why I saw Julian Stevens on a stepladder outside his office this morning, lowering a flag to half-mast.

  3. @Martin

    Should that not be “which circus”?

  4. E L Wisty (an only twin) 4th December 2014 at 11:13 am

    We recently had the saintly Tracy Davidson pontificating about advisers behaving more “morally” – so why isn’t the FCA leading by example?

    Once upon a time, politicians and business leaders took responsibilities for their, and their organisation’s, mistakes, and resigned without the need for an eye-wateringly expensive inquiry.

    I have no idea whether Mr Adamson was responsible for this crass incompetency. However, if he was and the enquiry proves that, then he should be sacked without the typical FCA pay-off.

  5. “The FCA has appointed Clifford Chance to carry out the inquiry.”

    How is it that the possible “sinner” is permitted to appoint the arbiter?

    Might Clifford Chance be tempted not to be too hard on the FCA in the hope of getting future work from them?

  6. Good !! can he take Griffith-Jones with him as well ?

    @ Martin Bamford

    Just as important; which greasy pole climber will replace him ? will his position be advertised or will the position be filled internally behind closed doors or via some cosy chat over brandy and a nice cigar ?

  7. I wonder if he will appear at MAS when Rookes leaves?

  8. Its nice to see that the industry is paying for the FCA carrying out an inquiry into its own actions – beggars belief!

    Surely this should have been carried out, and paid for, by the Government?

  9. “Step down”?

    If he is found to have done wrong (which would appear to be the case) he should be sacked. End of.

  10. An adviser cannot be deauthorized without the FCA’s permission whilst a complaint is outstanding with the FOS.
    A new firm would not take on an adviser whilst a disciplinary issue was outstanding with FCA and an adviser would not resign and try going to a new firm as the FCA takes so long to reauthorize someone with a clean record, let alone one under investigation.
    Very different it seems at the top of the pile as at the bottom…..

  11. I have recently changed jobs and have a clean record. Left old firm 30/10 and joined new firm 03/11. Reauthorisation from FCA confirmed 07/11…

  12. If he is adjudged as guilty then I trust he will be fined heavily in the same way that a stockbroker would for market disruption.

    Maybe he will grasp religion or the biggest Ponzi scheme ever, as it is known in these parts

  13. Given that the findings of Clifford Chance’s inquiry, if not the anodyne terms in which they’ll doubtlessly be couched, are a foregone conclusion, he could and should have saved the rest of us £2.1m+ by resigning months ago. Either that or he should have been sacked (without compensation for “loss of office”). One wonders if his severance package will be even greater than that given to Clive Briault (but, hey, it’s all just OPM, so WTH?) and where he’ll crop up next.

  14. Sadly he will be laughing all the way to a bank

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