FCA accused of 'hanging investors out to dry' in Panorama documentary

The documentary showed how the FCA was alerted to the "boiler room" tactics being employed to market the Blackmore Bond but, the show said, it failed to act for two years. In the programme, the FCA said it was not its duty to investigate the failed unregulated scheme, however, a group of MPs has called for an independent judge-led inquiry akin to the Gloster Report into the London Capital & Finance (LCF) scandal. Blackmore, a mini-bond which should have only been sold to sophisticated investors, offered up to 10% annual interest payments. It later ceased to pay interest and in 2020 in...