The City regulator is facing new criticism over its handling of the £237 million London Capital & Finance investment scandal from an independent commissioner.
The Financial Conduct Authority is at risk of censure from the financial regulators complaints commissioner, who has been investigating decisions it made in the fallout from the affair.
It is a blow to the FCA, which has already drawn fierce criticism from MPs over LCF and from Dame Elizabeth Gloster, a former Court of Appeal judge who the regulator commissioned to carry out an independent review into its role in the fiasco.
The scandal is one of the biggest to have hit British savers in recent years and erupted in January 2019, when LCF collapsed into administration. The company had