Press Release of the Day – 2nd June

Update on the independent investigation into the Financial Conduct Authority’s regulation of London Capital & Finance

Dame Elizabeth Gloster is today announcing a revised timeframe for the delivery of her report setting out the findings from the independent investigation into the Financial Conduct Authority’s (FCA) regulation of London Capital & Finance plc (LCF). The revised target date for completion of the investigation is Wednesday 30 September 2020.

As indicated at the bondholder meeting in January 2020, there had previously been delays in receiving documents and information from the FCA, which, in turn, impacted the investigation team’s timetable to interview FCA employees. At the time of that meeting, the intention had been for the investigation to be completed within the original timeframe, reporting by 10 July 2020, subject to no further issues or delays going forward.

The COVID-19 pandemic has understandably posed significant challenges for everyone, including the FCA, as it transitioned to home working and developed and implemented urgent policy measures. In turn, these have further impacted on the timetable for interviews with FCA employees. In the circumstances, Dame Elizabeth has notified the FCA of her revised timeline for delivering her report. The exchange of letters between Dame Elizabeth and the FCA can be seen here.

Dame Elizabeth Gloster said: “The decision to extend the timeline for completion of my investigation has not been taken lightly. I appreciate that this may well cause anguish to some LCF investors, given the substantial personal and financial impact on many of them as a result of LCF’s collapse. However, I consider that it is critical for my team and me to develop as complete a picture as possible in relation to the key issues in order that my report, when finished, will be comprehensive and robust. Once completed, I will share my report with the FCA for submission to HM Treasury in accordance with the Protocol.”

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