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.