Treasury Committee LCF inquiry urges more 'interventionist' FCA

In a report published on Thursday (24 June) the Treasury Committee slammed the FCA's board and most senior executives as failing to meet "the standards which [the regulator] seeks to impose on others". It follows an investigation under Dame Elizabeth, which in December revealed significant failures in the regulator's handling of the multi-million pound LCF and Connaught scandals, and included recommendations for change at the FCA. Most significantly, the changes included "restructuring the FCA", several new hires, and implementing a "use it or lose it" policy whereby firms may have th...