The Financial Conduct Authority’s Regulation of London Capital & Finance plc




London Capital & Finance plc

Independent investigation

FCA & HM Treasury consultation

Dame Elizabeth Gloster’s investigation

Our inquiry

Report structure

1 Individual responsibility of FCA senior management

Responsibility vs culpability

Named individuals

Andrew Bailey

Jonathan Davidson

Megan Butler

Responsibility at the FCA

2 Culture at the FCA

Reactive and siloed culture

Contact centre and third-party correspondence

3 The regulatory perimeter and the scope of the FCA’s remit

Perimeter of regulation

The scope of the FCA’s remit

The FCA’s attitude to combatting fraud

Regulation of mini-bonds

4 Consumer responsibility and compensation

Consumer responsibility


5 Financial promotions

The ongoing government consultation on financial promotions

LCF financial promotions

The FCA’s failure to use its powers on promotions

Speculative illiquid securities mass-marketing ban

High net worth and sophisticated investor exemptions

Online platforms and the Online Safety Bill

Conclusions and recommendations

Appendix 1: Dame Elizabeth’s Recommendations

Formal minutes


List of Reports from the Committee during the current Parliament

Published: 24 June 2021 Site information    Accessibility statement