Financial Conduct Authority (FCA) chief executive officer Andrew Bailey was confronted by victims of London Capital & Finance (LC&F) and Lloyds Banking Group (Lloyds) during a protest outside the regulator's headquarters on Friday.
On December 6, individuals who had used LC&F, Lloyds and other firms to invest or borrow protested outside the regulator's main offices in Stratford to encourage the FCA to do more to help those who have lost their money and businesses.
During the protest, those who had gathered outside the regulator's headquarters were invited in for an audience with chief executive Andrew Bailey, who listened to the campaigners' greivances.
Lloyds victim Trevor Mealham, who helped to organise the protest, said he was "very pleased" with the outcome. "Bailey invited us in [and] he listened to quite a few of the bits - it's a start point."
He also said the FCA chief stood with the protestors for a one minute silence to remember investors who had committed suicide.
LC&F victim Maria - who preferred not to reveal her last name - was also pleased with the outcome of the protest. Although Bailey did not promise he could help things improve, she said, the FCA chief listened to victims, took documents and personal contacts details and said he would "follow them all up".
Maria said someone who had lost money as a result of working with each firm had a chance to speak to Bailey, explaining how they would like him to help. She also said investors had the opportunity to challenge the FCA on its responsibility in helping those who have lost money, their businesses and their livelihoods.
PA also understands two LC&F victims walked out of the meeting because they felt Bailey was not taking them seriously.
'Considerable personal distress'
LC&F collapsed in January at the beginning of 2019 after mis-selling some £236m worth of mini-bonds to thousands of investors. Meanwhile, Lloyds investors affected were contacted in 2009 by the bank, which advised them they would be applicable for £200,000 Enterprise Finance Guarantee loan, a loan for small businesses. After buying into the loans, people have claimed they were victims of mis-selling and interest rates of up to 26%.
A spokesperson for the FCA said: "We fully respect the right of individuals to protest peacefully and have ensured that they have been able to do that outside our building. We know that in recent years the actions of some financial institutions have had a huge impact on some people's lives and caused considerable personal distress.
"Where our powers permit, we have taken action and will continue to do so, against businesses that to not treat their customers fairly."
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