Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority was aware of the level of commission payments made to Surge Financial for promoting London Capital & Finance minibonds.

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.