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MPs call for FCA to ‘change culture’ after London Capital & Finance collapse London Capital & Finance collapsed in 2019 (Jonathan Brady/PA) MPs have called for a “change in culture” at the UK’s financial regulator to protect consumers and financial markets following the collapse of mini-bond firm London Capital & Finance (LCF). The Treasury Select Committee has also called for the Financial Conduct Authority (FCA) to confirm a deadline to enact a transformation programme to improve the organisation. It comes a month after the FCA apologised to bondholders who lost millions of pounds...

MPs have called for a “change in culture” at the UK’s financial regulator to protect consumers and financial markets following the collapse of mini-bond firm London Capital & Finance (LCF). The Treasury Select Committee has also called for the Financial Conduct Authority (FCA) to confirm a deadline to enact a transformation programme to improve the organisation. It comes a month after the FCA apologised to bondholders who lost millions of pounds invested in the collapsed mini-bond firm. LCF failed in 2019 after raising £237 million from 11,000 small investors. In December last year, a ...

Treasury secretary Glen backs FCA on LCF By Jon Yarker 30 th April 2021 3:31 pm John Glen has backed the FCA’s approach to London and Capital Finance despite failing to do so in person before MPs at a hearing earlier this month. Glen who is economic secretary to the Treasury and an MP, made the affirmation in a letter to Mel Stride MP, chair of the Treasury select committee. He had previously given evidence to the committee regarding the FCA’s regulation of LCF, during which he apologised to the 11,625 bondholders caught up in the scandal. During his evidence h...

Nic Cicutti: Damning report exposes major failures at the heart of FCA London Capital and Finance collapse was preventable if the regulator had done its job properly By Nic Cicutti 25 th January 2021 10:52 am Among the blessings and curses that come with writing about the financial services industry for a couple of decades or longer is the dawning realisation that when journalists document what we assume to be real-time episodes in its history, all we are doing in reality is describing events that have happened many times before. The only thing that really changes for us is th...