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<p>On 1 April, I announced that I 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 to me from the FCA Chair, Charles Randell, 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 will be communicated in due course.</p>
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