What a week it’s been for the FCA. It took the regulator just one bungled announcement relating to an insurance inquiry to wipe billions of pounds off the shares of a number of the UK’s largest insurers.
Even George Osborne waded into the ensuing row, citing “profound concern” at the watchdog’s behaviour. In order to mop up the collateral damage, the FCA has turned to a heavy hitter at one of its key panel firms.
Step forward, Clifford Chance litigator Simon Davis. The partner has been drafted in by the FCA to conduct an internal investigation into the insurance industry, looking specifically at the chain of events leading to the fiasco.
Davis will also examine the FCA’s dealings with publicity and the media, and its general handling of market-sensitive information. Meanwhile Slaughters has also picked up its own share of the legal spoils, being instructed by a group of insurers seeking compensation from the watchdog for the market fall-out.
Also on The Lawyer:
- The SFO could rack up legal bills of more than £18.5m defending claims totalling £300m from the Tchenguiz brothers
- Eversheds has become the latest firm to issue a cash call following HMRC’s crackdown on partnership tax
- Leeds-based firm Simpson Millar has been acquired by AIM-listed financial services group Fairpoint Group after shelving tie-up talks with Slater & Gordon in January