First miss a £237 million scandal. Then delay the inquiry. Welcome to the Financial Conduct Authority, the regulator hell-bent on ensuring “consumers get a fair deal”. Except, of course, for those fleeced by London Capital & Finance.
The minibond farrago did over 11,625 investors, taken in under the FCA’s nose with fantasy offers of 8 per cent interest — at least until the firm went bust in March last year. There were enough warnings too. Yes, technically, the regulatory system left the FCA in an awkward position: it only has the powers to regulate the promotion of minibonds by authorised firms, not the dodgy products themselves. Even so, what’s it doing delaying the inquiry into its own role in the sorry affair?
The independent report
