Watchdog considers possible action over Budget leak

Politics · First reported 3 Nov, 14:16 · Updated 15:01

Image: Wikimedia Commons · Rekia1991 · CC BY-SA 4.0

The FCA chief says the regulator is ready to assess evidence about whether market-sensitive details of a bank tax were unlawfully disclosed before the Budget. The Irish News also reports concern that a possible leak may have contributed to rising bank shares.

FCA chief Nikhil Rathi said the watchdog would consider evidence from the Cabinet Office and Treasury about how details of the bank tax reached the press, and decide whether action was appropriate.
Treasury Committee chair Meg Hillier asked whether the apparent disclosure was improper and requested information about who had prior access to the policy.
The reports link the possible leak to a rise in bank shares before the Budget; City A.M. says Lloyds and NatWest rose as much as 4%, while Barclays rose 3.7%.

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Key facts

Regulator: FCA chief Nikhil Rathi said the watchdog would consider evidence and decide whether action was appropriate. (b947d5b6-fd24-421e-9ce1-8f8c84b3afaa)
Committee chair: Meg Hillier asked about the possible disclosure and prior access to the tax policy. (b947d5b6-fd24-421e-9ce1-8f8c84b3afaa)
Reported share movements: Lloyds and NatWest rose as much as 4%; Barclays rose 3.7% before the levy was announced. (b947d5b6-fd24-421e-9ce1-8f8c84b3afaa)
Treasury response: The Treasury had not responded to the committee’s letter, according to City A.M. (b947d5b6-fd24-421e-9ce1-8f8c84b3afaa)