Adviser Neil Liversidge has written to Treasury Select Committee Chairman Mel Stride MP to say that the financial services industry should not pay for the damage cause by the collapse of London Capital & Finance (LCF).
In the letter, sent on Tuesday (9 February) and seen by Professional Adviser, the West Riding Personal Financial Solutions managing director said that if the burden falls onto the Financial Conduct Authority (FCA), it would be those who fund it who suffer. "The bottom line is that this is not our fault and we should not get stuck with the bill," he wrote. "We are sick to the back teeth of paying for the failings of the regulator on the one hand, and the recklessness of the greedy on the other. "If we end up paying the bill for LCF, or it is somehow dumped on the taxpayer, that is pure...
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