City watchdog vows to 'raise its game' following probe error

LCF went bust in 2019 after raising £237million from 11,000 small investors and a report by Dame Elizabeth Gloster last December found the FCA failed to properly regulate and supervise the business.
In an apparent nod to the report, the FCA said it would be ‘proactive at the boundaries of the perimeter’ of its regulated markets – having previously pointed out the LCF model did not fall under its remit.
The regulator also said it would develop plans to differentiate the UK’s financial institutions from EU ones following the recent revelation from Chancellor Rishi Sunak that attempts to sign a mutual recognition deal with Brussels had failed.

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