FCA’;s Martin Wheatley: ‘Yes, I will keep in my work. We’ve received a large work to do,’; Photograph: Lewis Whyld/PA
The embattled chief executive of the Fiscal Carry out Authority, Martin Wheatley, has refused to stage down over the botched announcement of a key insurance coverage sector investigation.
The FCA chief admitted once more that the watchdog’;s leak of its insurance coverage sector probe, which led to a heavy promote-off of insurance coverage stocks and wiped billions of lbs off their stock market value last Friday, was not its “finest hour” – but mentioned he did not take into account resigning. “Yes, I will stay in my job. We have received a massive job to do,” he told BBC Radio 5 Reside.
The watchdog, which is taking over regulation of the customer credit score sector on Tuesday, is looking into how pension and existence insurance coverage companies are treating their longstanding customers. The chairman of the Treasury select committee, Andrew Tyrie, said the way the regulator released information of its investigation – by way of a press interview – appeared to be an “extraordinary blunder”. The FCA has appointed a law firm to investigate the bungled announcement and has pledged to make its findings public.
The watchdog leaked details of the insurance sector probe to the Daily Telegraph and refused to confirm the report for 6 hours. At some point it confirmed that it will scrutinise investments in lifestyle money that are closed to new business, acknowledged as “zombie fund” policies, which were offered by doorstep salesmen among the 1970s and 2000.
Quizzed about the monetary crisis, Wheatley told BBC Radio 4 this morning that “in the period top up to 2008 the [banking] sector misplaced its moral compass.”
He also stated stated that a “quarter” of payday lenders could be forced to leave the industry if they do not boost standards.