LC&F Collapse "Should Never Have Happened", says Bailey

FCA boss says investors in collapsed LC&F should not be in this position and more needs to be done to address the "hinterlands" in financial products

Holly Black 25 June, 2019 | 12:53AM

FCA's Andrew Bailey

The Financial Conduct Authority’s powers should be extended to cover the “hinterlands where it is not clear to consumers where they leave protections and where they remain within them”.

Speaking to the Treasury Select Committee (TSC), FCA chief executive Andrew Bailey said confusion about which financial products offer consumer protection “attracts bad people who wish to exploit those grey areas”.

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Holly Black  is Senior Editor, Morningstar.co.uk

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