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LONDON, March 31 (Reuters) - A slump in UK insurance shareson Friday following news of a planned review of the sector was"not the Financial Conduct Authority's finest hour," its chiefexecutive said on Monday.
"Whenever markets move like they did on Friday there isalways 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 doesserve as a timely reminder to all parties involved of the careand thought that is needed when handling significant amounts ofinformation we hold as part of going about our business,"Wheatley said
On Friday the FCA said an external lawyer will examine howthe watchdog released news that day of a planned review intowhether people locked into 30 million pension and other savingsplans sold by insurers are treated fairly compared with newclients.
Shares in top insurers fell sharply on speculation the probecould lead to changes that affect the profitability of theproducts.
Andrew Tyrie, who chairs parliament's Treasury Committee,said on Saturday the FCA's actions seemed to be an extraordinaryblunder.
Wheatley said he takes responsibility for what happens atthe watchdog. (Reporting by Huw Jones; Editing by Erica Billingham)
