People who have been caught in the middle of financial investment scandals in the last few years have organised a protest outside the Bank of England in London on 6 November 2019.
They are calling on Financial Conduct Authority (FCA) chief executive Andrew Bailey to step down following the many scandals and alleged regulatory failures from the watchdog
The demonstration has been organised by an individual who claims to have been a victim of an unspecified scandal involved Lloyds Banking Group.
There have been a few issues involving Lloyds recently, including: Shareholders suing the group over its takeover of Halifax Bank of Scotland (HBOS) in 2015 as the share capital was “disproportionately diluted”; and the freezing of expat bank accounts in Jersey in June 2019.
Most recently, International Adviser reported on the banking group’s apology after failing to return the Wills of thousands of deceased customers to their families.
Not the only ones
London Capital & Finance (LCF) bondholders will take part, with one victim saying in a tweet: “[We] will join the protest tomorrow Nov 6th against the FCA Failures (sic).
“Andrew Bailey must make amends for the financial harm and ruin he has caused for thousands due to [lack of] oversight.”
LCF issued mini-bonds to over 11,600 investors and raised around £236m ($304m, €274m).
One of the people that will be joining the protest made a Youtube video citing peer-to-peer lending scandals and the Woodford saga as examples of the FCA’s failures.
The individual criticised the regulator for not respecting its own ‘principles of good regulation’, which are available on its website.
