Rules ‘watered down’ for Saudis

THE City watchdog has been accused of watering down protection for small investors in a bid to bag the £1.5 trillion float of oil firm Aramco.

Financial Conduct Authority rules would allow the Saudi governmentcontrolled firm to be included in the premium section of the London Stock Exchange, without meeting the same requirements as other listed firms.

The plans drew criticism from the Institute of Directors, which said the watchdog was putting London’s reputation for high standards at risk.