Around £2.4bn was wiped off the value of insurers on Friday after Clive Adamson, the director of supervision at the Financial Conduct Authority, told the Telegraph the regulator was planning an inquiry into 30 million pensions and savings policies sold from the 1970s to 2000.
“It is crucial that we have a full and transparent explanation about how such an apparently serious mistake came to be made by our financial services watchdog - the body appointed by Parliament to enforce high standards of conduct", Mr Tyrie said.
The FCA said in a statement that it would hire an external lawfirm to launch a leak inquiry into its handling of the matter.
However, Mr Tyrie said that “more than that is needed” and the Treasury Committee would likely call in the person in charge of the inquiry for vetting before they started.
“The FCA has a statutory duty to investigate cases of regulatory failure but it cannot be permitted to investigate itself,” he added.
Mr Tyrie continued:“We will want assurances that he or she can and will conduct the work independently of the regulator and with the necessary resources.”
more
{ 0 comments... » Tyrie says FCA statement on insurance industry was an 'extraordinary blunder' read them below or add one }
Post a Comment