The UK's Financial Services Authority, which has been under fire for the past week over proposed new rules on short selling, has today been hit by fresh criticism after a body representing listed companies accused it of “feet dragging” over treatment of disclosure of derivatives contracts.

The Investor Relations Society, an association that represents publicly-listed firms in issues concerning their communication with the markets, said the FSA was to be commended on the speed at which it has drafted and implemented rules regarding short selling around rights issues, but that it was "inconsistent with their feet dragging over contracts for difference disclosure, which has a much wider day-to-day impact."