FCA internal controls criticised in report
FCA criticised for "appalling" communication failings, parliamentary committee hears, after a botched briefing led to an insurance market tumble in March. Lawyer presents evidence damning the regulator's response and risk controls
The UK's Financial Conduct Authority (FCA) had "serious failings" and "inadequate controls", according to a report into a botched press briefing in March, which led to a sudden drop in insurance share prices.
Procedural failures that the regulator exists to monitor in financial firms led to the exact market consequences it is meant to prevent, Treasury Select Committee MPs led by chairman Andrew Tyrie heard on December 10.
Simon Davis, the Clifford Chance partner who produced the 226-page report
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