MPs are set to question the author of an imminent report into how the FCA handled its annoucement of a review of the closed book industry.
The Treasury select committee has called an evidence session with Clifford Chance partner Simon Davis, who is carrying out an independent inquiry into how the FCA announced its closed book review in March.
Following a report in The Daily Telegraph, insurers’ shares tumbled in the six hours it took for the regulator to release a clarification statement.
TSC chair Andrew Tyrie says: “Serious concerns have been raised – not least in Parliament – about the way that the FCA has approached its responsibilities since it was formed in April 2013.
“At first glance the changes announced this week look substantial. The Treasury committee and others will need to examine in detail the FCA’s strategic review, and this consequent restructuring, to see whether they address the concerns raised.
“It is also crucial that the FCA learns any lessons that emerge from Mr Davis’s report. The Committee intends to take evidence on both the pre-briefing inquiry and the strategic review in the coming weeks, initially from Mr Davis on his report on Wednesday afternoon.”
The regulator’s senior managers are expected to be summoned to the Treasury select committee before Christmas to discuss the report’s findings.