The Financial Conduct Authority (FCA) has set aside £1.7m for the independent inquiry being conducted by Clifford Chance (CC) into the regulatory body’s botched announcement of an investigation into the insurance industry, a freedom of information request has revealed.
The FCA in March commissioned an independent inquiry into events leading up to and following the publication of its intention to review certain long-term life assurance products on the 27 and 28 March – a plan that was revealed to The Daily Telegraph, causing billions of pounds to be wiped off the share price of some of the UK’s largest insurance firms.
