LCF’s collapse left more than 11,000 investors with losses of up to £237m.
An independent report last year said former FCA boss, and now Bank of England governor, Andrew Bailey and the authority’s executive committee were responsible for deficiencies that led to LCF’s collapse.
Bailey denied culpability last month when in front of the select committee.
Rathi, who took over from Bailey as FCA boss last year, said tighter regulation of social media through the government’s online harms legislation, that aims to increase online safety, would help prevent similar scams from occurring on a large-scale in the future.
UK vaccine rollout has no effect on latest BoE economic forecast, says Andrew Bailey
The UK’s vaccine rollout and new roadmap out of lockdown will not affect the Bank of England’s 2021 economic forecast, according to its governor Andrew Bailey.
Bailey said that the latest forecasts, which were done late last year, predicted that economically the UK would be “back to where we were” in early 2022 and that the UK’s fast vaccine rollout has not changed expectations.
Bailey told Westminster’s Treasury Select Committee that first quarter GDP would be below previous expectations, however this was expected as a second national lockdown was not figured into the calculations.