BoE Governor, Andrew Bailey, gave evidence to the Treasury Committee last month on the FCA’s regulation of London Capital and Finance (LCF).
The Committee Chair, Rt Hon. Mel Stride MP, has now written to Mr Bailey requesting that he clarify some of the statements he made during the evidence session, including:
- The difference between culpability and responsibility with regards to the regulatory supervision of LCF
- Whether Mr Bailey or Dame Elizabeth Gloster (the independent investigator into the FCA’s regulation of LCF) referred to the FCA as a ‘broken machine’
- How many calls did the FCA’s contact centre receive, and when could information be extracted from these calls?
- What lessons did Mr Bailey learn from the failings of LCF’s regulation?
- What are Mr Bailey’s views on the financial promotions regime?
- What were Mr Bailey’s prioritisation decisions upon arrival as the Chief Executive of the FCA?