Question to the HM Treasury:

To ask the Chancellor of the Exchequer, why the Financial Conduct Authority gave FCA regulated accreditation to London Capital and Finance (LC&F) on 7 June 2016 for LC&F's promotional activities and not its products; and for what reasons LC&F was permitted to market itself as regulated by the FCA.

On 1 April, the Economic Secretary announced that he will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital & Finance and the circumstances surrounding them. This followed a request from the FCA Chair, Charles Randell, to the Economic Secretary to launch such an investigation.

The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation, including its terms, will be communicated in due course.