FCA boss denies hypocrisy over £237m LCF scandal

The boss of the Financial Conduct Authority has denied hypocrisy over its handling of the £237m London Capital & Finance scandal. A report from the Treasury select committee said that the FCA had fallen short of the standards that it expected of the firms it supervises. But FCA boss Nikhil Rathi said that, although the organisation was not subject to a set of City rules known as the senior managers regime, it had “adopted and applied the principles” of the regulations to its top bosses. More than 11,600 small investors have suffered heavy losses following the collapse in January 2019 of LCF, which sold toxic minibonds to fund property developments. The Times (£)