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MPs to accuse FCA of ‘dereliction of duty’ over botched briefing

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.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. No irony at all in the Treasury Select Committee briefing the press on this report…

  2. Martin there is a big diffrence between market sensitive information and the TSC, not to mention cost has been incurred by their blunder.

    Hopefully, there is a well intended strategy for this earley comment.

    I am quite sure present and past members of the TSC whom like ourselves must utterly frustrated at the lack of accountability of the regulator over the years.Not to mention the cost of this blunder
    Sadly the report will be kicked into the long grass as the general election draws near. Only to just gather dust and yet again no action taken on it by the treasury or Number 11

  3. Martin Bamford | 23 March 2015 10:32 am

    No irony at all in the Treasury Select Committee briefing the press on this report…

    I thought that as I read the article.
    Also, its okay for the FCA to send share prices plummeting but no heads should roll of course…..

  4. I trust that amongst the many issues, they will question the time and cost of the investigation. Also they should be asking why FCA staff had their own legal representation costs covered by the FCA. This is surely a taxable benefit and no doubt HMRC will be checking on this. Oh! Just realised HMRC are too busy not dealing with the HSBC tax evaders.

  5. Dereliction of duty is just one of a long, long litany of failings on the part of the FS/CA. When is Parliament going to wake up to just what an unbridled monster the FCA is and actually DO SOMETHING about it?

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