#AceFinanceNews – BRITAIN – March 31 – The leader of the Financial Conduct Authority, Martin Wheatley, has admitted that the regulator could have handled the leak of a major insurance sector investigation better (IBTimes)
At the City Week 2014 conference, Wheatley said “whenever markets move like they did on Friday there is always scrutiny.”
“This was clearly not the FCA’s finest hour but it does serve as a timely reminder to all parties involved of the care and thought that is needed when handling significant amounts of information we hold as part of going about our business.”
On 28 March, the FCA leaked some of the details about an inquiry into whether 30 million customers of pensions and other products were “exploited” or mis-sold products.
The leak to the Daily Telegraph, days before the release of a detailed business plan for the coming year, saw £4bn (€4.8bn, $6.7bn) wiped off insurance stocks.
The FCA refused to confirm the report to the rest of the press for hours after the leak but as insurance stocks plunged as a result, Legal & General urged the watchdog to officially confirm and release details.