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FCA chief expresses regret over ‘shoot first ask later’ comment

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  • 27/01/2015
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FCA chief expresses regret over ‘shoot first ask later’ comment
Financial Conduct Authority (FCA) chief executive Martin Wheatley said he regrets using the phrase “shoot first and ask questions later” to describe how the authority would work when formed.

Wheatley (pictured) made the comments in 2008 ahead of the formation of the FCA to describe how the regulator would operate.

At a Treasury Committee evidence session on the Davis report held today, committee chairman Andrew Tyrie MP asked Wheatley if he believed the dealings related to the inquiry had anything to do with a culture of “shoot first and ask questions later” at the FCA.

The Davis review was set up to look into the regulator’s handling of a market sensitive briefing to the Telegraph about an upcoming review of past life insurance products. Life insurers’ shares subsequently tumbled and the FCA was accused of falling ‘short of the standards expected of those it regulates’.

Wheatley said: “We don’t have a culture of shoot first ask questions later and it’s certainly not our supervisory approach. That phrase, and I regret using the phrase, but just to be clear, it was used in the context when responding to how our new early intervention powers would be used.

“It’s a phrase that I think has been taken out of context since and been used more broadly. It’s been played back in the media a couple of times and each time I’ve explained that you mustn’t take that out of context. But the point about being a regulator that’s more on the front foot is something that I expect them to see and that’s what we have tried to be.”

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