John Glen MP to Dame Elizabeth Gloster: 27 August
Published 17 September 2020
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Dame Elizabeth Gloster, One Essex Court, Temple, London, EC4Y 9AR
27 August 2020
Dear Dame Elizabeth,
Independent investigation into the Financial Conduct Authority’s regulation of London Capital & Finance PLC
Thank you for your letter of 24 August 2020, informing me of the revised timeline for the completion of your investigation into the events surrounding the collapse of London Capital & Finance (LCF).
As I said in my letter to Charles Randell, I am disappointed that the conclusion of the investigation has been delayed, particularly for LCF bondholders. However I recognise that the investigation has been carried out in difficult circumstances given the COVID-19 pandemic and agree that it is important that you have time to consider all the relevant evidence before reaching your conclusions. My letter to Charles emphasises that it is imperative for the FCA to continue to work with your team in order to allow you to finalise a comprehensive report by the revised deadline of 23 November.
As part of its commitment to transparency and public awareness, the Treasury will make a copy of this exchange of letters available on the UK government website in line with our approach to previous correspondence.
John Glen