Treasury and FCA must consider 'appropriate consequences' over LCF scandal - reports

Dame Elizabeth Gloster named BoE governor Andrew Bailey in her report

clock • 1 min read

The author of the report into the collapse of London Capital & Finance (LCF) has told MPs that it is up to the Treasury to consider the “appropriate consequences” for three individuals named in her report on the mini-bonds scandal, including Bank of England (BoE) governor Andrew Bailey.

Bailey was chief executive of the Financial Conduct Authority (FCA) at the time of the savings scandal, leaving the regulator in March 2020 to take up the job at the BoE. Dame Elizabeth Gloster delivered her report on the regulation of LCF on 23 November last year. The Guardian reported that, in the first of a series of evidence sessions yesterday (1 February), Gloster told MPs on the Treasury Select Committee: "Those who are, or I hope will be, informed by my report will need to consider what are the appropriate consequences in the light of the criticisms which I have made, in relati...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA to extend bullying and harassment rules to non-banks

FCA to extend bullying and harassment rules to non-banks

Extension will apply to 37,000 firms

Cristian Angeloni
clock 02 July 2025 • 2 min read
Regulatory necessity: Why data is no longer a 'nice to have'

Regulatory necessity: Why data is no longer a 'nice to have'

Client-led, data-driven

Paul Bruns
clock 01 July 2025 • 5 min read
Targeted Support: One-off firm costs could approach £69m

Targeted Support: One-off firm costs could approach £69m

One firm estimated IT costs of £1m a year alone

Jen Frost
clock 01 July 2025 • 3 min read