Commons Sense

Hansard-based summaries and metrics

<-- Back to proposed bills

Financial Services Update

24 November 2020

Proposing MP
John Glen Con
Salisbury
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the progress and completion of an independent investigation into the regulation of London Capital & Finance plc by the Financial Conduct Authority.

Action Requested

I have asked the FCA to work with the Treasury to lay before Parliament and publish online Dame Elizabeth Gloster's final report and the FCA’s response prior to the December recess. The government will also submit a written response to Parliament as required by law, including findings and recommendations from the investigation.

Key Facts

  • On 23 May 2019, I directed the Financial Conduct Authority to investigate LCF's regulation.
  • Dame Elizabeth Gloster was appointed to lead the investigation.
  • The initial deadline for the report was set for one year but extended twice due to delays and capacity constraints caused by Covid, eventually concluding on 23 November 2020.
  • Section 82 of the Financial Services Act requires the government to lay before Parliament the FCA’s written response which includes Dame Elizabeth's findings and recommendations.
▸ Assessment & feedback
Summary accuracy