FCA media blunder: Staff warned regulator not to brief journalist

Carmen Reichman
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A strategy by the Financial Conduct Authority (FCA) to leak details of one of its upcoming projects to a national newspaper - a decision which sparked huge falls in the share prices of several major life companies - was "high risk" and inadequate, according to an independent report by a law firm.

Clifford Chance partner Simon Davis, appointed by the regulator in April to review its decision to brief the Telegraph on a review of the life insurance market set to be announced in its 2014-2015 Business Plan, described the FCA's actions as well-intentioned but ultimately "high risk, poorly supervised and inadequately controlled". By seeking early coverage of its plans, which were due to be announced several days later, the FCA hoped the scope and objectives of its review would be better understood. But when it went wrong, as it did in the case of the Telegraph briefing, the regulat...

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