The investigation is tasked to consider issues connected with the regulation by the Financial Conduct Authority (FCA) of London Capital & Finance Plc (LCF) in the period 1 April 2014 to 30 January 2019.

Background to the investigation

On 30 January 2019, LCF entered administration following regulatory action by the FCA in December 2018.

According to the March 2019 report issued by LCF’s administrators, as at December 2018, LCF had, however, already issued some 16,706 LCF mini-bond/ISA products, totalling £237,207,497, across 11,625 investors. On 22 May 2019, following a request from the FCA’s Board, the Economic Secretary to the Treasury directed the FCA to set up this independent investigation into the circumstances surrounding the collapse of LCF. At the same time, the Treasury announced its approval of the proposed appointment of Dame Elizabeth Gloster to lead the investigation.

The independent investigation will consider the FCA’s actions, policies and approach when regulating LCF. Please find more information about the remit of the investigation here

Bondholders and others affected by the role of the FCA and the collapse of LCF can submit information to the investigation here.

24th November 2020: Update on the investigation 

Dame Elizabeth Gloster has completed her independent investigation into the Financial Conduct Authority’s (FCA) regulation of London Capital & Finance. As envisaged by the Direction which established Dame Elizabeth’s investigation, on Monday 23 November Dame Elizabeth delivered her final report to the FCA. The FCA is now obliged to arrange for the report to be submitted to HM Treasury. In doing so, the FCA is required, as soon as reasonably practicable, to make a written report:

a) setting out the investigation’s findings, conclusions and recommendations;

b) setting out the FCA’s response to the investigation’s findings, conclusions and recommendations, including the lessons the FCA considers that it should learn from the investigation; and

c) making such recommendations as the FCA considers appropriate.

In accordance with section 82 of the Financial Services Act 2012, HM Treasury must publish the report in full, unless HM Treasury decides to withhold material because there is a specific legal requirement to do so or because it considers it to be necessary in the public interest to do so.