Committee concerned by delayed investigation into London Capital and Finance

02 June 2020

Dame Elizabeth Gloster has written to the Financial Conduct Authority (FCA) to notify the regulator that it will not be possible to complete her investigation into the regulation of London Capital and Finance (LC&F) by 10 July 2020. The revised date of delivery for Dame Elizabeth’s report is 30 September 2020.

Chair's comments

Commenting on the delay, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, said:

“The previous Treasury Committee pressed the need for an investigation into events at LC&F.

“When the Treasury rightly used its powers to direct the FCA to commission a review last year, my predecessor urged the regulator and the Treasury to ensure that the investigation was conducted and report published as soon as possible.

“The delay in the investigation is particularly concerning. As Dame Elizabeth has said, the decision to delay may cause anguish to those who invested in LC&F.

“We will want to get to the bottom of what role the FCA had in the delay when we next take evidence from them.”

Further information

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