The FCA is set to be condemned by MPs over its handling of a briefing which sparked fears of a regulatory clampdown and sent share prices plummeting.
According to Sky News, the Treasury Select Committee is to slam the FCA’s handling of an inquiry into closed-book insurers in March.
Chairman John Griffith-Jones and chief executive Martin Wheatley will be singled out for further criticism by the TSC, according to reports.
However, MPs are not expected to call for the pair to resign.
Money Marketing understands the TSC report is due later this week, although a firm date has yet to be set.
The regulator briefed the Daily Telegraph of its plans to investigate the practice, but didn’t clarify until six hours later, long after reports had hit shares of firms including Aviva, Friends Life and L&G.
The scandal ultimately claimed the roles of FCA director of supervision Clive Adamson and director of communications Zitah McMillan following an independent report by Clifford Chance partner Simon Davis.