Emma RadmoreTreasury has announced an independent investigation into what happened at London Capital & Finance. Treasury and FCA both feel there is public interest in a statutory investigation, and so Treasury is using its powers under the FSA 2012 to require FCA to investigate. The investigation will specifically cover whether the regulatory system as it currently operates adequately protects retail purchasers of mini-bonds from unacceptable levels of harm, and will look at FCA’s supervision of the firm.
FCA had already started an investigation into the firm’s financial promotions, while SFO is looking into key individuals associated with the firm.
