Outcome of investigation into the FCA’s regulation and supervision of LCF
Written Ministerial Statement on the publication of the final report of the Independent Investigation into the Financial Conduct Authority’s regulation and supervision of London Capital & Finance plc.
Documents
Details
Following a request from the FCA’s Chair Charles Randall, the Economic Secretary to the Treasury directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events relating to the regulation of London Capital & Finance plc (LCF).
On 23 November 2020, Dame Elizabeth, in accordance with her revised timeline, delivered her final written report to the FCA. The government laid Dame Elizabeth’s report and the FCA’s written response before Parliament on 17 December 2020. In accordance, with section 82 of the Financial Services Act 2012 the Government also laid a statement summarising the reasons for very limited redactions to the report.
The Economic Secretary to the Treasury made a Written Ministerial Statement to the House on 17 December setting out the government’s response.
The Economic Secretary also wrote to the Chief Executive of the FCA concerning the FCA’s Transformation Programme.
The written statement, documents relating to the investigation, and exchange of letters have been published today:
- Written Ministerial Statement by the Economic Secretary
- Report of the Independent Investigation
- The FCA’s Response
- Section 82 Statement
- EST letter to Chief Executive of the FCA Nikhil Rathi
- Chief Executive of the FCA letter to EST