Judge questions Bailey’s account of LCF investigation

Andrew Bailey
Andrew Bailey
Photo: Bank of England

The chair of independent investigation into failings at the UK Financial Conduct Authority has rejected an account by Bank of England governor Andrew Bailey of why he sought to have his name removed from a report into the matter.

Elizabeth Gloster, the judge tasked with investigating the FCA’s role in the collapse of London Capital & Finance (LCF), said she disagreed with testimony by Bailey on February 8. She also rejected his suggestion that there had been a “misunderstanding” on the issue.

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