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On Thursday 28 March the FCA Board decided that there should be an investigation by an independent person into the issues raised by the failure of LC&F. FCA Chair Charles Randell wrote to the Economic Secretary to the Treasury, John Glen MP, to inform him of this decision.
Commenting on the announcement, Charles Randell, FCA Chair said:
‘This investigation will establish what happened with LC&F and whether further changes are required. It will support the broader review of mini-bond regulation. Dame Elizabeth Gloster brings independence and extensive experience to the task, and the FCA will ensure that she has all the access and support she needs to conclude her work as quickly as possible.’
The FCA will also contribute to the other reviews announced by the HMT in relation to mini-bonds and similar securities. This work is important to ensure that the scope and form of regulation provides effective protection for consumers.