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Wells Street Journal: Two sides to every story and FTI is telling both

When WSJ sister title Money Marketing last week revealed the FCA’s spiralling legal costs following a bungled announcement of its closed book review, it caused something of a stir.

A Freedom of Information request revealed the FCA’s legal bill has hit £2.2m, including a £60,000 spend on spin doctor FTI Consulting, which no doubt the regulator hopes will provide some much-needed damage control in the wake of the closed book blunder.

Formerly known as Financial Dynamics, the PR firm has also worked with Phoenix, the closed book provider that saw its share price, alongside many other insurers’, drop dramatically following that ill-fated article in The Daily Telegraph in March.

It has also worked for Aviva, which saw its share price tumble as the FCA took six hours to clarify the terms of its closed book review.

Readers may wonder if it is wise for FTI to be advising the FCA on its handing of the situation given its links to the insurance sector.

Still, at £60,000 for a one-off project, FTI won’t be too unhappy.

Given the FCA has its own in-house press team, some have questioned why it needs to hire in extra help. Perhaps the regulator chose FTI precisely because it knows how to placate insurers still bruised from a series of knocks handed down by the FCA and the Government.



Alistair Cunningham: Why I’m coming round to new pension freedoms

Two months ago, in these pages, I wrote how pension freedom would penalise most pension savers in the UK. An increase in pension fund taxation (£3bn over the next five years), depletion of pensions savings, product innovation and the compounding effect of further complication are all risks. But with the sight of new rules in […]

OOC Ukip

Out of Context: “Until now we’ve had a reasonable conversation.”

“Until now we’ve had a reasonable conversation.” Ukip financial services spokesperson Steven Woolfe on being pressed during his MM interview. “Now back to the whipping post.” Derbyshire Booth managing director Greg Heath describes the experience of returning to the office following a well-earned summer break. “Excuse me! As you well know, we only send thoughtful […]

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Who is Andrea Leadsom?

Pensions minister Steve Webb reckons people approach him in the street thanking him for his work in Government but it seems newly appointed economic secretary to the Treasury Andrea Leadsom is lacking the same charismatic appeal. Plucked from the Treasury select committee, Leadsom is highly capable and once, apparently, told the Chancellor to “F**k off” […]


Citizens Advice and PFS in pro bono advice tie-up

The Personal Finance Society is set to offer financial advice on a pro bono basis at over 100 Citizens Advice Bureaux across the country. Money Marketing understands discussions about delivery of the project are in the final stages, with a formal roll-out set to take place later this year. Branded ‘Moneyplan’, funding for the project […]

The return of emerging markets

Ewan Thompson, Head of Emerging Market Equities, Neptune Although in political terms 2016 will be remembered for the seismic shocks of the Brexit vote and Trump’s presidential victory, the year was also a watershed for the global economy and emerging markets in particular. Following five years in the wilderness, the conditions are now in place […]


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