UK lawmakers slam financial watchdog

London - Britain's financial regulator broke its own rules by failing to keep markets orderly when it mishandled the announcement of a review into life insurance policies, lawmakers said on Friday.

In a scathing 89-page report, the lawmakers said the Financial Conduct Authority (FCA) should report back in six months on how it has put its house in order.

Panicking investors dumped shares in Aviva, Legal & General and Prudential in March last year after the FCA's head of supervision, Clive Adamson, was quoted in a newspaper as saying the regulator would investigate whether people locked into pension plans were being treated unfairly.