Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Clifford Chance to review FCA ‘zombie’ fund blunder

2 comments
Clifford Chance to review FCA ‘zombie’ fund blunder

The Financial Conduct Authority (FCA) will use law firm Clifford Chance to conduct an independent inquiry into the announcement of its ‘zombie’ fund review.

The closed life policies review will be led by the firm’s senior litigation partner Simon Davies.

The review comes after the Daily Telegraph broke the news the financial watchdog was planning to review the £12 billion industry on 28 March, ahead of the FCA’s annual review released on 31 March and resulted in billions wiped off the value of insurers.

On the afternoon of the 28th, several hours after the story had broken, the FCA sent out a short statement trying to restore some semblance of calm, stressing new rules would not be imposed retrospectively.  

However, this failed to appease insurers who considered taking legal action in the aftermath.

Clifford Chance will assess the way the FCA communicated its message and determine whether it has procedures in place to control the release of price sensitive information.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter