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<p>On 1 April, the Economic Secretary announced that he will use powers under the
Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch
an investigation into the events at London Capital & Finance and the circumstances
surrounding them. This followed a request from the FCA Chair, Charles Randell, to
the Economic Secretary to launch such an investigation.</p><p> </p><p>The investigation
will be led by an independent person appointed by the FCA, with the approval of HM
Treasury. Further details of the independent investigation, including its terms, will
be communicated in due course.</p>
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