'Responsibility and culpability different': Andrew Bailey challenged over LC&F collapse

More than 11,600 people had invested a total of £237m - an average of £20,000 each - when LC&F collapsed in January 2019, despite a number of "red flags being missed". Speaking to the BBC Radio 4 Today programme, Bailey said that he inherited a lot of problems when he became chief executive of the FCA and downplayed his role in the collapse of LCF, which happened when he was head of the regulator. An independent report last year, led by Dame Elizabeth Gloster, concluded Bailey and the FCA's executive committee were responsible for deficiencies and failed to properly supervise and regu...