Skip to main content

Committee seeks clarity from Andrew Bailey

9 March 2021

The Treasury Committee seeks clarity from Andrew Bailey following evidence session on the FCA’s regulation of London Capital and Finance

Andrew Bailey, Governor of the Bank of England and former Chief Executive of the Financial Conduct Authority (FCA), gave evidence to the Treasury Committee on 8 February 2021 on the FCA’s regulation of London Capital and Finance (LCF).

Following the evidence session, Dame Elizabeth Gloster, the independent investigator into the FCA’s regulation of LCF, wrote to the Committee about the evidence that Mr Bailey provided.

Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has written to Mr Bailey to clarify some statements that he made during the evidence session, including:

  • The difference between culpability and responsibility with regards to the regulatory supervision of LCF.
  • Did Mr Bailey or Dame Elizabeth refer to the FCA as a ‘broken machine’?
  • How many calls did the FCA’s contact centre receive, and when could information be extracted from these calls?
  • What lessons did Mr Bailey learn from the failings of LCF’s regulation?
  • What are Mr Bailey’s views on the financial promotions regime?
  • What were Mr Bailey’s prioritisation decisions upon arrival as the Chief Executive of the FCA?

Further information

Image: Flickr-Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0)