UK committee calls for reform at FCA over ‘mini-bond’ scandal


A UK parliamentary committee has called for reforms at the Financial Conduct Authority over its role in the collapse of London Capital & Finance (LCF).

The committee also said it considered “closed” a spat between Bank of England governor Andrew Bailey and the lead investigator into the FCA’s involvement in the scandal, Elizabeth Gloster. Bailey was chief executive of the FCA when LCF collapsed, but has denied being personally “culpable” for the regulator’s failings.

LCF collapsed in 2019

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