Britain's FCA announces inquiry into pre-released news of life insurers review

April 8 Tue Apr 8, 2014 9:49am EDT

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April 8 (Reuters) - Britain's Financial Conduct Authority (FCA) on Tuesday said there would be an independent inquiry into how the financial watchdog last month pre-released plans for a review of how life insurers handle some pensions and savings clients.

The FCA named Simon Davis, a senior commercial litigation partner at Clifford Chance, to head the inquiry, which would be overseen by the financial watchdog's non-executive directors and Chairman John Griffith-Jones. (link.reuters.com/cyv38v)

Britain's insurance industry, earlier in the day, called for an independent inquiry into the pre-release of the FCA's plans. The Association of British Insurers said in a letter to the FCA that it had serious concerns about what appeared to have been premature and selective disclosure. (Reporting by Richa Naidu in Bangalore; Editing by Savio D'Souza)

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