FCA Slammed For Narrow View Of Oversight In LC&F Collapse

Law360, London (December 17, 2020, 4:22 PM GMT) -- The Financial Conduct Authority's "unduly limited" approach to supervising British financial services providers allowed London Capital & Finance to lure customers into risky, unregulated mini-bonds that lost millions when the company collapsed, according to a high-profile independent review published Thursday.

The review has identified "significant gaps and weaknesses" in the FCA's policies after the collapse of the mini-bonds company, in which investors lost millions of pounds. (Getty) The long-awaited review, by retired Court of Appeal Judge Dame Elizabeth Gloster and Dechert LLP, identified "significant gaps and weaknesses" in the policies and practices used by the City regulator to analyze the businesses of...

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