The Financial Conduct Authority (FCA) is going to meet on Wednesday, 17th April 2019, with the UK Crowdfunding Association (UKCFA), the British trade body for crowdfunding platforms, The Sunday Times reports today.
UKCFA has expressed “alarm” over “the quality of supervision in the ‘innovative finance'” being the watchdog slow to take action in the scandal which erupted in the aftermath of the failure of the bond broker London Capital & Finance.
Read “London Capital & Finance: £236m firm collapses” by the BBC
According to the Times‘ Liam Kelly, the crowdfunding association claimed that there is little evidence for the FCA in “acting as a deterrent.” This explains why Bruce Davis, one of the directors of the trade body, said the regulator is holding a “whistle that doesn’t blow”. More will follow.
Find out more here.
Oliver* 