MPs urge fresh FCA review as report flags 'broader problems'

The Treasury Select Committee (TSC) has said the Financial Conduct Authority (FCA) must do more to show it has learned the lessons of its bungled leak of plans to review the life insurance sector.

In an 89-page report, published today, the TSC said it is “not yet clear” that the watchdog has grasped the extent of failings revealed by the incident, which saw life company shares plunge last March amid uncertainty over the extent of a probe into back-book business. It has called on the FCA’s executive committee to examine communication methods and “poor working relationships” between divisions, and suggested further reviews. These follow the publication of the Davis Report last year, which found significant failings at the regulator over its handling of the affair. The FCA boar...