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<p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA)
to launch an independent investigation into the events at London Capital & Finance
(LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The
investigation will look at the events and circumstances surrounding the failure of
LCF and whether, in its supervision of LCF, the FCA discharged its functions in a
manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth
will be able to consider any other matters she deems relevant to the events set out
in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced
barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury
is satisfied that she will be able to lead a robust and independent investigation.</p><p>
</p><p>The Treasury has stipulated that the investigation should be completed within
12 months, whilst allowing the investigator to report sooner than 12 months if this
is feasible. This will ensure that the investigation is as thorough as possible and
that the right lessons are learned to better protect those who invest their money
in the future.</p>
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