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An independent report has heavily criticised the Financial Conduct Authority (FCA) for failures in the regulation and supervision of London Capital & Finance (LCF), which collapsed in January 2019, impacting over 11,000 people who invested around £237m.
The LCF investigation, led by Dame Elizabeth Gloster, has produced a 500-page report which is highly critical of both the FCA and its former chief executive, Andrew Bailey, who left the regulator to become governor of the Bank of England in March this year.
Read more at Accountancy Daily.