Pressure mounts on City regulator to reveal if it's investigating legal technology firm Quindell 

• e-mail

Pressure is mounting on the City regulator to disclose whether it is investigating Quindell, the legal technology firm blighted by scandals and short selling attacks.

Thousands of retail shareholders saw their investments all-but wiped out when the company’s shares lost 90 per cent of their value last year. 

The Financial Conduct Authority faced renewed calls to investigate the firm when former directors including then-chairman Rob Terry caused a selling-spree by offloading shares in November.

Investigating or not? Thousands of retail shareholders saw their investments in Quindell all-but wiped out when the company’s shares lost 90 per cent of their value last year

Now it has emerged that Business Secretary Vince Cable and Andrew Tyrie MP, chairman of the Treasury Select Committee, have written to the FCA about the case. The FCA is understood to have exchanged letters with Quindell, and is considering whether to launch a full investigation.

An FCA spokesman said: ‘Every allegation notified to us is reviewed by our Market Monitoring Department. However, we do not comment on individual cases.’ Quindell refused to comment.