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.