FundingSecure investors call for inquiry into regulation of loans industry

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Investors who have millions of pounds tied up in a failed peer-to-peer site are demanding a public inquiry into what they have called “multiple failures” of regulation of the industry by the Financial Conduct Authority.

People who lent money via FundingSecure, which collapsed in October 2019, are calling for scrutiny of the City regulator’s handling of the sector after a series of insolvencies and disorderly winding-downs that have left hundreds of millions of pounds of investors’ cash at risk.

The FundingSecure Action Group accuses the watchdog of an “apparently atrocious lack of supervision of the industry” and is urging affected investors to join its campaign.

The FCA was heavily criticised by an independent report into the £238 million collapse of London Capital & Finance