Two City watchdog executives criticised following a probe into the insurance industry are to give evidence on the crisis to a powerful panel of MPs, it has been confirmed.
Clive Adamson, the Financial Conduct Authority's (FCA) director of supervision, and Zitah McMillan, its communications chief, will appear before the Treasury Select Committee next Tuesday, 16 December, as reported by Sky's City Editor Mark Kleinman.
A further session with Martin Wheatley, the FCA's chief executive, is expected to be held in the new year.
It follows a critical report over the bungled handling of an FCA investigation, which saw share prices tumble.
It centred on an interview given to a national newspaper on the regulator's probe into 30 million financial policies sold between the 1970s and the turn of the millennium.
An independent inquiry by Simon Davis, a leading City lawyer, said the FCA's approach was "high risk, poorly supervised and inadequately controlled".
The £3.8m report revealed errors in the way the interview was handled and delays in a response when it became clear that it was sending insurance company shares into free-fall.
Mr Adamson, Mr Wheatley and Ms McMillan were all criticised in Mr Davis' report, alongside David Lawton, the FCA director of markets.
All four were stripped of their bonuses.
The FCA has also announced Mr Adamson and Ms McMillan are leaving, but insist it is unconnected to the inquiry.
FCA chairman John Griffith-Jones said of Mr Davis' report: "We apologise for the mistakes that were made and the shortcomings in systems and controls which his report has revealed.
"I am determined the FCA will learn the lessons and will do our utmost to ensure that a situation like this will never happen again."
Andrew Tyrie, the chairman of the Treasury Select Committee, said on Wednesday the report's findings illustrated a regulator "pursuing the wrong strategy in the wrong way".
He accused the FCA of falling "well below the standards it requires of the firms it regulates" and said further investigation was required.
Mr Tyrie said: "The Committee will, among many other things, examine whether these errors were a one-off or whether they reveal something amiss, perhaps seriously amiss, with the standards and culture of the FCA.
"We will also examine remedies, both those proposed or already announced, and others."
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