Shot in the foot

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The regulator announced last Friday that it is to begin an investigation into zombie funds this summer, a statement that caused panic in the market , to the tune of around £6bn being wiped off the share prices of the UK's biggest insurance firms.

The problems first arose when FCA director Clive Adamson told the Daily Telegraph about plans to review 30m policies going back decades and the potential scrapping of exit fees on such policies.

The story sent shudders through the stock market, not at a