The inquiry cost the Financial Conduct Authority (FCA) a whopping £3.8m and made grim reading - Simon Davis, the Clifford Chance partner, who compiled the report described the press briefing that led to the article as "high risk, poorly supervised and inadequately controlled".
Somewhat pointedly he also commented: "When it went wrong, the FCA's reaction was seriously inadequate and fell short of the standards it expects of those it regulates."
And it is the regulated firms that pay for this
The Insurance Age team examine the most read stories for the week commencing 3 June 2019.Subscribe to our daily newsletter for all the latest news
- GRP-owned Sagars buys Thomas Cook
- Three directors out as Policy Expert buys loss-making Sure Thing!
- Markel launches tech sector proposition
- Hiscox creates Cyber Exposure Calculator
- Elite proposes solvency scheme to avoid liquidation
- Momentum Broker Solutions unveils 2018 results
- Zurich-owned N&G launches new small craft product