April 1, 2014 / 11:17 AM / 3 years ago

UK's Osborne says 'profoundly concerned' about insurance leak

Britain's Chancellor of the Exchequer George Osborne stands outside 11 Downing Street in London February 4, 2014. REUTERS/Suzanne Plunkett

LONDON (Reuters) - British finance minister George Osborne said on Tuesday he was “profoundly concerned” about the way news of a review of Britain’s insurance sector caused the share price of insurance firms to fall sharply last week.

In a letter to the chairman of Britain’s Financial Conduct Authority, Osborne said the regulator’s inquiry into the leak had to be “completely independent” of its top management.

“The starting point must be that the FCA holds itself to at least as high standards as it would expect of a listed company handling highly market-sensitive information,” Osborne said in the letter which was published on the Treasury’s website.

Writing by William Schomberg

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