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

Dame Elizabeth Gloster named BoE governor Andrew Bailey in her report

clock
BoE governor Andrew Bailey was chief executive of the FCA at the time of LC&F's collapse
Image:

BoE governor Andrew Bailey was chief executive of the FCA at the time of LC&F's collapse

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...

To continue reading this article...

Join Professional Adviser

 

  • 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

Advisers welcome FSCS levy bill cut to £213m

Advisers welcome FSCS levy bill cut to £213m

'We are not immune to the cost of living crisis'

clock 26 May 2022 • 3 min read
Karl Dines: "It is great to understand it, but we also need to apply it."

Karl Dines: Six key strategies for riding the Consumer Duty storm

Logical and practical methodology

Karl Dines
clock 25 May 2022 • 6 min read
The firm agreed to a cease-and-desist order and a censure

SEC fines BNY Mellon Investment Adviser $1.5m for greenwashing

ESG reviews not performed

Lauren Mason
clock 24 May 2022 • 1 min read