Who regulates the regulator?
We’ve been awaiting the findings out the Davis Report ever since that fateful Telegraph article which saw millions of pounds wiped of the value of shares for the major insurers.
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
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