The Financial Services Compensation Scheme has this week written to 1,000 London Capital & Finance (LCF) victims offering compensation from a government-funded scheme.

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 FCA is to implement a package of reforms after accepting the findings of the long-awaited Gloster Report that it failed to adequately protect the 11,625 investors who lost money due to the £236m collapse of mini-bond provider London Capital & Finance.