Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2014
05

FCA issues details of external inquiry into insurance review leak

Open-access content Friday 2nd May 2014

The Financial Conduct Authority’s board has published the protocol for the independent investigation into how the regulator leaked details of a planned insurance review to the national press.

The March debacle caused share values in top insurance firms to fall sharply, igniting speculation that changes would affect the profitability of their products. The FCA subsequently appointed Simon Davis, partner at the law firm Clifford Chance, to conduct an independent inquiry into the handling of the FCA's announcement.

In a statement released today, the regulator said: 'Following discussions with Simon Davis, HM Treasury and the chairman of the Treasury select committee, the non-executive directors have today published the protocol, which sets out the procedures under which the inquiry is to be carried out, and an updated terms of reference.'

It confirmed that the inquiry was now underway.

Andrew Tyrie, chair of the Treasury select committee, said, today's announcement was a welcomed step. The senior MP noted that the credibility and integrity of the regulator was at stake.

'So it is essential that this investigation is and is seen to be, both comprehensive and completely independent,' he said.

'On the need for the inquiry to be comprehensive, the terms of reference clarify that Mr Davis "can examine any other matters he might reasonably consider relevant and make such recommendations as he sees fit".

'It is crucial - now that the FCA's non-executive directors have commissioned this inquiry - that neither they nor the board play any further role until Mr Davis has completed his final report.'

Tyrie said the Treasury committee would take evidence from Davis when his report is published.

A Treasury committee spokesman told The Actuary that it was unknown how long the investigation into the FCA's blunder would last.

Shortly after the incident, FCA chief executive Martin Wheatley admitted that the leaking of the information was not the watchdog's 'finest hour'.

He said: 'Whenever markets move, as they did on [March 28], scrutiny rightly follows and this is no different for the FCA.

'This was clearly not the FCA's finest hour but does serve as a timely reminder of the importance to all parties involved of the care and thought that is needed when handling the significant amounts of information we hold as part of going about our day-to-day business.'

This article appeared in our May 2014 issue of The Actuary.
Click here to view this issue
Filed in:
05
Topics:
General Insurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Covenant Consultant

Leeds
£60-80k plus bonus and benefits
Reference
120863

Big 4 Consultancy – Senior Consultant / Manager, Life Actuarial

London / Bristol / Edinburgh
Competitive salary plus bonus
Reference
120771

Capital Optimisation & Balance Sheet Management – Insurance Consolidator

London, Dublin
Competitive salary package + study support if required
Reference
120860
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2021 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200