Fund collapse showed 'buck stops nowhere' at UK watchdog, say lawmakers
By Huw Jones LONDON – The collapse of London Capital & Finance showed how Britain’s Financial Conduct Authority appeared unable to meet standards of accountability it imposes on firms it regulates, a parliamentary report said on Thursday. The report from the Treasury Select Committee said the FCA put an “over-reliance” on its collective responsibility for the investment firm’s failure in early 2019, rather than on accountability of senior officials at the regulator. The FCA requires senior managers at regulated firms to be directly accountable for their actions to make it easie...