Financial Conduct Authority investigated after string of scandals
Britain’s financial watchdog has been accused of unlawfully changing its complaints scheme “via the backdoor” in an attempt to avoid paying compensation to victims of failed funds or investment scams.
The Financial Conduct Authority (FCA) is purported to have changed its complaints scheme just as it was facing hundreds of claims from savers who had lost more than £200m in the collapse of the investment firm London Capital & Finance (LCF) in 2019. It denies acting unlawfully and insists it was “clarifying” the scheme’s guidelines. The watchdog is now being investigated by the Financial Regulators Complaints’ Commissioner over the controversy.
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