FCA Independent Directors Publish Protocol and Updated Terms of Reference

On 8 April 2014 the Financial Conduct Authority’s (FCA) Non-Executive Directors appointed Simon Davis of Clifford Chance to conduct an independent inquiry into the handling of the FCA’s announcement of proposed supervisory work on the fair treatment of long standing customers in life insurance.

Following discussions with Simon Davis, HM Treasury and the Chairman of the Treasury Select Committee, the Non-Executive Directors have today published the Protocol, which sets out the procedures under which the inquiry is to be carried out, and an updated Terms of Reference.

The inquiry is already underway.

Notes for editors

  1. The Protocol.
  2. The Terms of Reference for this investigation.
  3. On the 1 April 2013 the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
  4. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  5. Find out more information about the FCA.