Ex-FCA Supervision Heads Say LC&F Failings Were Collective

Law360, London (March 25, 2021, 5:43 PM GMT) -- Regulatory failings that led to investors losing £237 million ($325 million) in a collapsed investment firm were embedded in the culture of the Financial Conduct Authority, former heads of the watchdog's supervisory arm said on Thursday as they dodged personal responsibility.

Megan Butler, the FCA's former head of wholesale and investments supervision, and Jonathan Davidson, who was the executive director of retail and authorization supervision at the watchdog, said that they did not consider resigning from their roles when almost 12,000 minibond holders lost their cash in London Capital & Finance because they were not found to be culpable for the...

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