Last month, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, wrote to Professor Sir John Curtice, President of the British Polling Council (BPC), on the use of private polling data, particularly during election and referendum campaigns, and the risks of the integrity of UK financial markets. The Committee published Professor Curtice’s response earlier this month.
The Committee is today publishing correspondence with Andrew Bailey, Chief Executive of the Financial Conduct Authority (FCA). Mr Bailey has informed the Committee that the FCA will meet with the BPC, and has invited the Market Research Society (MRS), to discuss the issues raised by the Committee.
Commenting on the correspondence, Mrs Morgan said: “The Committee is concerned about the risks posed to the integrity of UK financial markets by the use of private polling data. This intervention from the regulator is therefore welcome.
“The reputation of the UK’s financial markets is critical to our reputation as a world class financial centre. As Mr Bailey said, ‘the prevention, detection and punishment of market abuse is a high priority for the FCA.’
“I have asked the regulator to update the Committee on whether the current private polling rules are sufficient to mitigate the risk that market abuse rules could be breached, whether the BPC and MRS will take actions, and whether greater regulatory oversight may be needed.”