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'We've finally got justice' – relief at last for London Capital & Finance victims who lost £237m Campaigners say warning signs about mini-bond firm were repeatedly ignored by City watchdog the Financial Conduct Authority Andrea Hall lost her savings in LCF's collapse Credit: John Lawrence More than 11,000 people lost a combined £237m when the firm collapsed in January 2019, but campaigners say that this disaster could have been averted if the City watchdog responsible for keeping them safe had acted sooner. The independent review by Dame Elizabeth Gloster chastised the regulator, the Fin...

Bank of England governor Andrew Bailey has apologised after an independent report severely criticised the City regulator that he led at the time of a £237m investment scandal. The report found the Financial Conduct Authority (FCA) was "wholly deficient" in the oversight of minibond provider London Capital & Finance (LCF). Former Court of Appeal judge Dame Elizabeth Gloster found there had been "significant gaps and weaknesses" in the FCA's practices and policies. Image: The FCA's oversight was "wholly deficient", a damning report found LCF's demise in early 2019 left 11,600 ...

FCA cancels £205,000 of bonuses after LCF scandal report The UK's financial regulator was embarrassed by the report and pledged to enact its recommendations (Getty Images) The Financial Conduct Authority (FCA) has cancelled £205,000 worth of executive bonuses after a damning report found the watchdog had failed to properly regulate a collapsed firm. But FCA employees implicated in the report are now facing calls to pay back bonuses for previous years after an investigation found “significant gaps and weaknesses” in the institution’s policies and practices. An independ...

Two of the City watchdog's top executives are under pressure to repay tens of thousands of pounds in bonuses after being castigated for multiple failures during the collapse of a major minibond provider. Sky News can reveal that senior parliamentarians want Megan Butler and Jonathan Davidson to repay £90,000 in bonuses awarded to them for the 2018-19 financial year after they were singled out for criticism in an inquiry into the scandal at London Capital & Finance (LCF). On a day of shame for the Financial Conduct Authority (FCA), Dame Elizabeth Gloster, a former Court of Appeal judge, said ...

Andrew Bailey apologises to LCF victims in wake of damning report Government considering offering compensation to victims of failed minbond firm after independent review's highly critical report 17 December 2020 • 4:14pm Former Financial Conduct Authority chief Andrew Bailey (right) meets with protesters outside the FCA offices in December 2019 Bank of England governor Andrew Bailey has apologised for his role in the demise of London Capital & Finance, the investment firm that collapsed owing customers almost £240m. A damning report has been published criticising the actions of the City ...