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FCA met Saudi Aramco before trying to change rules for $2tn flotation

Regulator has attracted controversy by allegedly seeking to water down rules to attract oil company’s IPO to London

The chief executive of the Financial Conduct Authority has admitted meeting officials from Saudi Aramco before publishing plans to water down rules in an attempt to attract the $2tn (£1.5tn) stock market listing of the oil giant to London.

Andrew Bailey told MPs that the meeting with officials from the Gulf kingdom’s state oil company, planning the world’s biggest flotation, took place in the early part of this year.

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