Statement From Bank Of England Governor Andrew Bailey On Dame Elizabeth Gloster’s Report

The Bank of England has issued the following statement from Governor Andrew Bailey on Dame Elizabeth Gloster’s Report on the FCA’s supervision of London Capital & Finance (LC&F).

As CEO of the FCA between 2016 and 2020, I apologise to LC&F bondholders.

When I was asked to lead the FCA in July 2016 it was clear that a substantial reform programme to the supervision of many of its 60,000 firms was essential. We took immediate steps to change the approach. The required changes in culture, mind-set and systems was a major programme of work across the organisation, which took some time to put into effect. I am sorry those changes did not come in time for LC&F bondholders