Bank of England governor Andrew Bailey has apologised after an independent report severely criticised the City regulator that he led at the time of a £237m investment scandal. The report found the Financial Conduct Authority (FCA) was “wholly deficient” in the oversight of minibond provider London Capital & Finance (LCF). Former Court of Appeal judge Dame Elizabeth Gloster found there had been “significant gaps and weaknesses” in the FCA’s practices and policies. LCF’s demise in early 2019 left 11,600 investors in mini-bonds facing losses of up to £237m. Mr Bailey was chief executive of the FCA, which regulates … (full story)
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