UK lawmakers slammed the country’s top financial regulator for what they described as a shocking misstep around a media briefing last year that led to wild swings in life insurance company shares.

A highly critical report from the Commons Treasury committee said the Financial Conduct Authority was still in denial about the problems that led to the affair. "The FCA needs to do more to satisfy Parliament and the public that it has understood the implications of this episode," Andrew Tyrie, the committee chairman, said.