Chancellor George Osborne has written to the chairman of the Financial Conduct Authority (FCA) criticising the regulator for its "damaging" behaviour in releasing details of its investigation in to insurance policies before a formal announcement.
A probe into the treatment of customers who hold policies sold between 1970 and 2000 was revealed by FCA director of supervision Clive Adamson in an interview in the Daily Telegraph last Friday, ahead of a planned release this Monday. The revelation sparked heavy losses in some insurers' share prices. Those stocks staged a slight recovery once the FCA had clarified the review would not encompass each of the 30m policies issued over the time period. In a statement issued six hours after the market opened, the regulator added it was not looking to apply current standards retrospectively...
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