Eight changes the FCA has made in response to Davis report

The Financial Conduct Authority (FCA) said it has overhauled its systems and processes after it was found to have been "seriously inadequate" in its response to a media blunder earlier this year.

The Davis report, an inquiry into the FCA's handling of a media briefing on its review of long-term insurance contracts earlier in the year, recommended the regulator change its systems, processes and ways of working across seven areas. In March, FCA director of long-term savings and investments Nick Poyntz-Wright briefed a Telegraph journalist on details of its soon-to-be-announced supervisory probe into the treatment of "long-standing" customers in insurance contracts. The FCA explained its remarks and the scope of the review only days later, sending life insurers' shares tumbling i...