FCA allegations – John McDonnell responds
John McDonnell MP, Labour’s Shadow Chancellor, responding to news that the Financial Conduct Authority allegedly failed to act when made aware of the risks of London Capital & Finance’s collapse, said:
“These allegations raise serious concerns about whether the FCA is asleep at the wheel in its enforcement of financial regulation.
“But beyond enforcement, there are real questions about whether our regulatory architecture is well-designed to respond to instability in financial markets.
“Labour has commissioned expert work on our regulatory architecture, and we are continuing to take a hard look at whether significant reforms are needed to better protect victims of company collapses, investors, and all those who rely on robust financial regulation.”