This is Dame Gloster opening statement at yesterday’s meeting with LFC bondholders “The investigation is wholly independent of the FCA as myself and my team and I want you to be absolutely sure about that.”

According to Dame Gloster there in an ongoing investigation by the FCA Enforcement team. I would like to know more about this investigation. Neil Liversidge wrote you the FCA Enforcement department in 2015.

According to Andrews Bailey the FCA intervened on five occasions in connection with LCF financial promotion. Intervened how? In September 2018 LCF was still boasting about its assets security.

According to the FCA all financial promotions must be clear, fair and not misleading regardless of the media type. That means the FCA has not exercised its powers in relation to London Capital and Finance financial promotions. https://www.fca.org.uk/firms/financial-promotions-adverts">https://www.fca.org.uk/firms/fin...

The regulation of LCF marketing material is, according to the Dame Gloster, at the heart of the investigation.That’s what I sent herhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

Dame Gloster said “One of the issues we are looking at is the transparency or non transparency of the financial arrangement that were in place between LCF and Surge, and whether that impacts on the work which the FCA did do or should have done because it’s a transparency issue...

According to Dame Gloster a London Capital and Finance audit date was missed. Dame Gloster said “ One of the things obviously we are looking at is what if anything was the FCA’s reaction to the missed audit date. Did they know about it? Did that float up into the radar scheme? “

James Petkovic from the investigation team said “ What is very much in the scape of the investigation is 1. how the FCA supervised LCF during the period and 2. what permissions LCF were granted by the FCA and if this permission were appropriate. “

Dame Gloster said that she’s interested in what the FCA knew about the development of LCF. James Petkovic added “ It is part of our investigation to look at how the FCA regulated LCF financial promotions.” They will need to look into the FCA knowledge of LCF asset security https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Down pointing backhand index" aria-label="Emoji: Down pointing backhand index">

A bondholder highlighted how the use of the word “mini-bonds” is causing confusion as LCF hasn’t mentioned them during the purchase of Secured Bonds and ISAs. Dame Gloster replied “I haven’t used the word mini-bonds, I’m not sure what it means and how you define it...” https://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Clapping hands sign" aria-label="Emoji: Clapping hands sign">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Clapping hands sign" aria-label="Emoji: Clapping hands sign">https://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Clapping hands sign" aria-label="Emoji: Clapping hands sign">