A report by Clifford Chance litigation partner Simon Davis has criticised senior figures at the Financial Conduct Authority over their handling of an investigation into long term life assurance products, calling the watchdog’s strategy “high-risk, poorly supervised and inadequately controlled”.
An independent inquiry, fronted by Davis, was launched in April to look into the FCA’s actions during its review of insurance products sold in the UK between the 1970s and 2000. The details of the review were leaked to the Daily Telegraph and major insurers took a hit on their share prices as a result.
