'We are profoundly sorry': FCA vows to change after damning LCF and Connaught reports

'Restructuring the FCA'

Mike Sheen
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"We are profoundly sorry": FCA chair Charles Randell
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"We are profoundly sorry": FCA chair Charles Randell

The Financial Conduct Authority (FCA) is set to radically overhaul its processes and procedures with a raft of “significant and necessary changes”, following the publication of independent reports into its handling of the London Capital & Finance (LCF) and Connaught fund scandals.

Both reports, published on Thursday (17 December), revealed significant failures in the regulator's handling of the multi-million pound scandals and include recommendations for change at the FCA, all of...

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