Prime Minister urged to look into regulatory role of FCA

A Gwent MP has asked the Prime Minister to find out what the Financial Conduct Authority (FCA) actually does to regulate the companies on its approved register.

David Davies, MP for Monmouth, queried the role of the FCA during Prime Minister's Questions today. 

It follows the collapse of London Capital & Finance (LCF), an FCA approved company, which has seen customers of the firm lose thousands of pounds in investments.

Mr Davies said he had already told the FCA that one of the companies on its approved register owes millions of pounds - including money to the FCA itself.

That company was involved with the controversial Circuit of Wales project in Ebbw Vale, which was rejected by the Welsh Government in June 2017.

Addressing Theresa May, Mr Davies said: “In light of the collapse of another FCA-approved company a few weeks ago, leaving thousands without their life savings, will she find out what exactly the FCA actually do to regulate the companies on their approved register?”

The Prime Minister thanked Mr Davies for raising an “important issue” and said she would send a more detailed reply in writing.

UPDATED

Letter received from the Prime Minister dated 8th May 2019. David will be arranging a meeting at the earliest opportunity with the Economic Secretary to the Treasury, John Glen MP to discuss broader concerns with financial services regulation. 

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Letter received from the Prime Minister re FCA PMQ 127.32 KB