Statement on London Capital and Finance (LC&F)

We have issued a statement on London Capital and Finance
Published on 10 February 2021

As the Governor made clear in Parliament yesterday, his legal representations were made in the context of a draft report which was not clear on the distinction between personal culpability or blame, and responsibility. If that had been made clear in the draft report, the Governor would not have needed to make the representations. At no point, was his intention to imply he did not take full responsibility. As the Governor said yesterday and to Dame Elizabeth, he fully accepts responsibility for everything that occurred during his time at the FCA and welcomed the opportunity yesterday to reiterate that, and his apology to bondholders.

As the Governor said yesterday, Dame Elizabeth and he disagree on points of process and some of her conclusions but he fully respects her independence and does not propose to comment further.