• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Regulation

Mini bonds in firing line as HM Treasury updates LC&F investigation

Mini bonds in firing line as HM Treasury updates LC&F investigation
  • Gary Robinson
  • 23 May 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

HM Treasury (HMT) has today announced details of the independent investigation into the failed investment company London Capital & Finance (LC&F) to be commissioned by the Financial Conduct Authority (FCA), with non-transferable securities, such as mini bonds, also under the spotlight.

HMT said in a statement that it has agreed to the appointment of Dame Elizabeth Gloster by the FCA to conduct the investigation.

Related articles

  • Leader of LCF probe urges victims to get in touch
  • UK watchdog to be investigated over collapse of £230m mini-bond firm LC&F
  • FSCS begins paying compensation to London Capital & Finance clients
  • FCA vows to change after damning LCF and Connaught reports

On Thursday March 28, the FCA board decided that there should be an investigation by an independent person into the issues raised by the failure of LC&F, with FCA chair Charles Randell writing to the UK's Economic Secretary to the Treasury, John Glen MP, to inform him of this decision. 

"Its [the independent investigation] findings will help to properly protect those who invest their money in the future" - John Glen MP, The Economic Secretary to the Treasury

Minibond regulation

Commenting on the announcement, Charles Randell, FCA chair said: "This investigation will establish what happened with LC&F and whether further changes are required. It will support the broader review of minibond regulation.  Dame Elizabeth Gloster brings independence and extensive experience to the task, and the FCA will ensure that she has all the access and support she needs to conclude her work as quickly as possible."

The FCA added that it will also contribute to the other reviews announced by the HMT in relation to minibonds and similar securities. "This work is important to ensure that the scope and form of regulation provides effective protection for consumers," the FCA statement added.

The FCA-led independent investigation is separate to the investigation by the Serious Fraud Office, into individuals associated with LC&F.

John Glen, The Economic Secretary to the Treasury, said: "I have also announced today that, alongside this independent investigation, the government will separately review the wider policy questions raised by the case. This will include research into the wider market for non-transferable securities, such as mini bonds, and their role in the economy.

Safer financial system

"The Treasury will begin work alongside this to consider the regulatory arrangements currently in place for the issuance of these investments. The government is committed to creating a stronger and safer financial system. The independent investigation into the supervision of LC&F will ensure that the events and circumstances surrounding the collapse of LC&F are better understood. Its findings will help to properly protect those who invest their money in the future.

Subscribe to International Investment's free, twice-daily, newsletter

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Regulation

More on Regulation

FCA hands £3.4m back to unauthorised investment scheme victims

  • Regulation
  • 24 February 2021
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions

  • Regulation
  • 23 February 2021
Jersey regulator fines three firms for breaching money laundering rules

  • Regulation
  • 17 February 2021
FCA partners with Jersey regulator to probe new Woodford venture

  • Regulation
  • 17 February 2021
CISI launches anti-money laundering partnership with Qatari regulator

  • Regulation
  • 16 February 2021
Back to Top

Most read

EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
EU removes Barbados from blacklist of 'non-cooperative' jurisdictions
Global UHNWI population to grow by 27% over the next five years: Knight Frank
Global UHNWI population to grow by 27% over the next five years: Knight Frank
J.P. Morgan Asset Management launches Global Income Sustainable Fund
J.P. Morgan Asset Management launches Global Income Sustainable Fund
Comment: Four key issues powering the renewable energy revolution
Comment: Four key issues powering the renewable energy revolution
Aviva announces exit from Turkey
Aviva announces exit from Turkey
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading