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

On Radio 4

clock • 1 min read

The governor of the Bank of England has apologised again to investors for regulatory failings over the £237m London Capital & Finance investment scandal, despite trying to escape responsibility.

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...

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 ban and £2m fine upheld against 'worst' British Steel adviser

FCA ban and £2m fine upheld against 'worst' British Steel adviser

Upper Tribunal backs regulator's findings in key BSPS misconduct case

Sahar Nazir
clock 19 January 2026 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 19 January 2026 • 1 min read
Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Tom Hegarty shares his views on the FSCS levy and why things need to change...

Tom Hegarty
clock 08 January 2026 • 4 min read