- FCA implement major changes following the independent reviews of its regulation of LCF and Connaught Income Fund Series 1
- The reviews, undertaken by Dame Elizabeth Gloster and Raj Parker respectively, assessed the FCA’s actions
- The FCA accepted the nine recommendations addressed solely to the FCA in the LCF Review and the five lessons identified by the Connaught Review.
- Firms not used their regulatory permissions to earn any regulated income for the last 12 months at risk of their authorization revoked
- LCF issued non-transferable securities, known as mini-bonds, to 11,625 investors, with a value of over £237 million
- The Connaught Review assessed the Financial Services Authority’s and the FCA’s approach and response to intelligence
