Bahama Times

Tuesday, Dec 07, 2021

UK: City watchdog buried finding that top bosses ‘missed opportunity’ to stop investment scams

UK: City watchdog buried finding that top bosses ‘missed opportunity’ to stop investment scams

FCA planned to admit that it ‘missed opportunity to reconsider and act on,’ intelligence about a ‘boiler room’ scam, allowing ordinary savers to lose millions of pounds
The City watchdog buried its own finding that its top bosses missed an opportunity to stop scammers pushing investments which later collapsed with almost £70m of savers’ cash, internal correspondence indicates.

The documents raise further questions about Bank of England governor Andrew Bailey’s failure to stop an epidemic of investment fraud when he was boss of the Financial Conduct Authority.
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