Shortcomings at the FCA call centre meant the watchdog failed to take early action on the failed mini-bond firm London Capital & Finance (LCF) despite over 600 calls from worried clients.

Bank of England Governor Andrew Bailey, former CEO of the FCA, is due to be grilled today by MPs about regulation of the £236m failed mini-bond firm London Capital & Finance. 

The new chief executive of the FCA, Nikhil Rathi, will begin work at the regulator tomorrow (1 Oct).

The Government has launched its ‘Coronavirus Business Interruption Loan Scheme’ today with the offer of interest and fee-free government-backed loans of up to £5m to SMEs.