Davis report into FCA insurance fiasco: Good intentions are not enough – Editor’s Letter December 10, 2014 John Griffith-Jones, the chairman of the FCA, said last night that the regulator’s botched briefing to one media organisation, which went disastrously wrong and resulted in causing mayhem on the stock market last March, was well-intended. It’s a view that is backed by Simon Davis, the Clifford Chance lawyer commissioned to write a highly detailed [...]
Davis report: Questions raised over Martin Wheatley’s leadership following FCA scandal December 10, 2014 Conservative MP Mark Garnier said yesterday that Financial Conduct Authority (FCA) boss Martin Wheatley faces questions over his fitness for the role. The former City fund manager, who now sits on the Treasury Select Committee, told City PM: “The question is whether the regulator’s priorities are badly distorted. It seems the regulator is confused about what [...]
The FCA’s reputation has been dealt a serious blow – change is needed December 10, 2014 The Financial Conduct Authority (FCA) has had a tough week. The findings of the Davis report, an investigation into a botched, market-sensitive media briefing on the life insurance market, yesterday described the regulator’s reaction to the error as “seriously inadequate”, and “short of the standards expected of those it regulates”. The regulator spent a total [...]
FCA bosses give up their bonuses over insurance scandal December 10, 2014 The Financial Conduct Authority (FCA) said today directors including Martin Wheatley, its chief executive, will give up their bonuses as a result of an investigation into a botched press briefing over insurance. The organisation said today that Wheatley, director of supervision Clive Adamson, director of communications and international Zitah McMillan and director of markets David [...]
Davis report: FCA chief Martin Wheatley in the firing line after publication of review into regulator’s newspaper leak December 9, 2014 Martin Wheatley, head of the Financial Conduct Authority (FCA), is expected to face questions over his future today after the publication of a report into the regulator’s leak of price sensitive information concerning life insurers. Wheatley, who famously said his strategy was to shoot first and ask questions later when it comes to regulating the [...]
Watchdog reshuffle: Zitah McMillan and Victoria Raffe set to leave FCA ahead of Davis report December 8, 2014 A drastic shakeup of top positions at the City’s main financial watchdog was announced yesterday, ahead of tomorrow’s release of a damning report on failings at the regulator. The Financial Conduct Authority (FCA) confirmed that executives Zitah McMillan and Victoria Raffe are to leave the organisation, which is to undergo a complete restructure. The departure [...]
The other FCA concern: Why its new rules for bankers would hurt the UK economy December 8, 2014 IT’LL be a busy week for the Financial Conduct Authority (FCA). Yesterday, the regulator announced a new strategic approach for the organisation, with key personnel changes and a “sharper focus” on the challenges ahead. A review by Clifford Chance partner Simon Davis into the FCA’s handling of an insurance probe earlier this year is also [...]
Three senior officials leave FCA as financial watchdog restructures December 8, 2014 The Financial Conduct Authority (FCA) has said goodbye to three senior officials amid a review and reorganisation of its strategy. Director of supervision Clive Adamson’s departure has been confirmed by the British financial watchdog, while executive committee members Zitah McMillan and Victoria Raffe will also leave as part of its restructuring. The FCA, [...]
Crisis at the FCA as top regulator Clive Adamson departs December 4, 2014 Some of the City’s most senior insurance executives last night expressed their dismay at the departure of Clive Adamson from the Financial Conduct Authority (FCA). Adamson was widely respected within the industry for being a tough but fair regulator. The news that he is to step down comes days ahead of the publication of a [...]
HMRC, FCA and PRA tell George Osborne they’ll work more closely together to share information at regular meetings after Banking Standards Review November 14, 2014 Financial regulators and HMRC have outlined plans to work more closely together in the wake of the government investigation into banking standards. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) will hold regular meetings with HMRC to better share information and expertise on “taxation, regulatory, prudential and consumer implications” that result from policy [...]
