FCA’s ‘significant weaknesses’ led to lack of oversight of London Capital & Finance, inquiry finds
The UK’s financial watchdog failed to properly supervise and regulate London Capital & Finance, a mini-bond provider, before the firm collapsed and wiped out the savings of thousands of people, an independent inquiry has concluded.
The government-backed investigation, led by the former high court judge Dame Elizabeth Gloster, identified “significant gaps and weaknesses” in the policies and practices of the Financial Conduct Authority (FCA).
