Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will publish the timetable for the review of London Capital and Finance following its collapse.

On 1 April, I announced that I 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 to me from the FCA Chair, Charles Randell, 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 will be communicated in due course.