The FCA’s approach to the media following its blunder over the closed book review remains a point of tension between the regulator and the FCA practitioner panel.
Part of the way the FCA is held accountable includes a number of industry panels which monitor the regulator’s policies, such as the practitioner panel made up of providers and the consumer panel.
The Financial Times reports relations between the FCA and the practitioner panel are strained following the briefing to the Daily Telegraph in March, which sent insurers’ share prices tumbling over suggestions the FCA was to review closed book policies and ban exit fees.
FCA chairman John Griffith-Jones told the Treasury select committee yesterday a review was carried out last summer to try and repair the relationship.
He said: “We are not entirely in agreement as to what a responsible position in the press should be, and that continues to be the case.
Griffith-Jones added an upcoming report had been toned down after the practitioner panel suggested the draft report was too aggressive.
At the same hearing FCA chief executive Martin Wheatley said he regretted comments made in 2012 that the regulator would “shoot first and ask questions later”.