Four senior executives at the UK’s Financial Conduct Authority have forgone their bonuses after an independent report released Wednesday criticised the regulator’s handling of a policy announcement that caused a sharp selloff in insurance-company stocks.

In March the FCA briefed a British newspaper resulting in an article suggest the regulator would change the terms of up to 30 million life-insurance policies in a way that would make them far less valuable to providers. This caused shares in UK insurance companies to dive. It took the FCA several hours to officially clarify that it wouldn't make major retroactive changes to the insurance policy terms.