Show Hide image

Editors slam FSA's anti-leak rules

The FSA's new guidelines are aimed at killing "strategic leaks".

Editors of top UK news outlets, including the Guardian, the Financial Times, the Times and Thomson Reuters, have slammed the anti-leak rules proposed by the Financial Services Authority (FSA).

The four editors have written to the FSA chief executive Hector Sants saying its proposals are "misguided" and would have the opposite effect of what the regulator intends to achieve.

The editors' reaction came following the FSA's last month's proposals for financial institutions such as banks, brokers and asset managers to adopt media policies that kill "strategic leaks".

The regulatory body also recommended these firms channel all their media enquiries through a press office and ensure contact with reporters was recorded.

The news organisations attacked the edict saying it was unlikely to stop committed leakers and would be damaging to investigative reporting.

The editors added in their letter that the proposals "reflect a wilful misunderstanding of the relationship between the City and the press" and "will ultimately do more harm than benefit to the flow of reliable information".