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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>Approval to
act as an ISA manager is granted by Her Majesty’s Revenue and Customs (HMRC). When
considering an application, HMRC undertakes checks to ensure that applicants hold
the appropriate regulatory permissions from the FCA.</p><p> </p><p>Once approval is
granted, ISA managers must administer the ISA scheme in accordance with the ISA legislation.
HMRC has a range of powers to tackle non-compliance with the rules, including withdrawing
permission to act as an ISA manager, voiding non-compliant ISAs and reclaiming any
incorrectly paid tax relief.</p>
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