The Financial Conduct Authority (FCA) is set to make like tougher for hedge funds, as it looks to implement guidelines around the sale of private poll data ahead of major political events.
According to The Guardian, the City watchdog is considering whether it can step in through insider trading and inside information regulations.
It recently came out that hedge funds had commissioned private exit polls to cash in after the EU referendum. While the public believed remain would win, the private polls showed that the vote would lead to Brexit.
Conservative MP and Treasury committee chair Nicky Morgan has said that the sale of private polls to hedge funds risk the integrity of UK financial markets.
In the past, the FCA has refused to crack down on hedge funds for the practice, but speaking to the Treasury committee on Tuesday, chief executive Andrew Bailey (pictured) said: 'We are giving thought at this stage… as to whether we could usefully issue guidance, not obviously to change the rules but to issue guidance on the application of the rules, particularly on this question of inside information.'
Bailey is expected to meet representatives of the British Polling Council and Market Research Society, which regulates the polling industry, from next week.