LONDON, March 31 A slump in UK insurance shares
on Friday following news of a planned review of the sector was
"not the Financial Conduct Authority's finest hour," its chief
executive said on Monday.
"Whenever markets move like they did on Friday there is
always scrutiny," Martin Wheatley, chief executive of the FCA,
told the City Week 2014 conference.
"This was clearly not the FCA's finest hour but it does
serve as a timely reminder to all parties involved of the care
and thought that is needed when handling significant amounts of
information we hold as part of going about our business,"
On Friday the FCA said an external lawyer will examine how
the watchdog released news that day of a planned review into
whether people locked into 30 million pension and other savings
plans sold by insurers are treated fairly compared with new
Shares in top insurers fell sharply on speculation the probe
could lead to changes that affect the profitability of the
Andrew Tyrie, who chairs parliament's Treasury Committee,
said on Saturday the FCA's actions seemed to be an extraordinary
Wheatley said he takes responsibility for what happens at
(Reporting by Huw Jones; Editing by Erica Billingham)