Following the Budget, the Shadow Chancellor, Sir Mel Stride MP, wrote to the head of the Financial Conduct Authority (FCA), Nikhil Rathi, on behalf of His Majesty's Opposition calling for a full investigation into potential market abuse at the Treasury and No.10. In the letter, the Shadow Chancellor highlights how the leaking of confidential market sensitive information may have had serious consequences for businesses and family finances.
Earlier this month, the FCA confirmed in its letter to the Treasury Select Committee that is would not be conducting an inquiry into the Budget leaks, prompting a second letter from the Shadow Chancellor. The full letter can be read here.
Richard Fuller MP, Shadow Chief Secretary to the Treasury, commented:
The Financial Conduct Authority is letting the British people down by failing to investigate the leaks and misdirections that preceded the Budget.
The Shadow Chancellor is rightly pointing out that the FCA’s statutory duties require them to do so.
On TalkTV recently, I said that this year’s Budget was the biggest example of financial mis-selling and that “if the Financial Conduct Authority cannot investigate that, what is the point of having them?”
