By Tom Winnifrith | Wednesday 6 January 2021
At what point will the Government and MPs wake up to how useless the FCA is? I first warned a leading figure, Sir George Young (now Lord Young), that it was asleep at the wheel – with regard to the £3 billion Quindell fraud – back in 2013. The complacent old fool assured his errant step-nephew and second cousin that the regulator knew what it was doing and I had no need to do anything more. Of course it did not. Belatedly, MPs are waking up to the failings of the FCA with regard to London & Capital Finance but there have been a stream of other mini-bond disasters where I have issued explicit warnings over two years and the FCA has done BUGGER ALL to stop them from continuing to raise funds. Some have already gone tits up so losing vulnerable savers hundreds of millions of pounds. Others are car crashes in waiting. I am so angry at the FCA for letting down those who are most vulnerable.