Dame Elizabeth Gloster wrote to FCA on 15 May to note that she would be unable to complete her investigation into FCA’s regulation of London Capital & Finance by 10th July as required. The reason for this is the time FCA was taking to progress information requests Dame Gloster’s team was submitting. The letter notes the delays were not intentional, but they have impacted the timetable significantly – meaning interviews planned for the end of 2019 did not start until March 2020, and in turn were then impacted by Covid-19. She notes that had it not been for the delays up to March, Covid-19 would have had minimal impact on the report production. The proposal is now that senior employee interviews take place in early June, and the hope will then be to complete the report by late July/early August. The new target date for completion of the investigation would be 30 September.
FCA’s response, dated 26 May, apologises for its delays, and has no objection to the revised target date, which it says it will work with the team to enable the report to be delivered to that timescale.