An independent investigation into the Financial Conduct Authority’s (FCA) regulation of failed mini bond firm London Capital and Finance (LCF) will be delayed until late November, marking the report’s second delay.
Assuming there are no further significant developments or delays, the revised date for the completion of the report will be on or before 23 November 2020. The initial delivery date was set for 10 July, but was moved to 30 September following delays in receiving 3,500 documents and information from the FCA. The delays were exacerbated by the Covid-19 pandemic. Additionally, interviews with senior FCA employees were only made possible from mid-June, which took much longer than anticipated, and raised new issues that required further work and more interviews. Dame Elizabeth Gloster, a...
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