As you may be aware, there is an ongoing Financial Conduct Authority (FCA) enforcement investigation into the collapse of the firms known as Lendy Ltd. It is important to stress that the independence of the FCA’s investigation, and its wider supervision of firms, is vital to its role. The FCA’s credibility, authority and value to consumers would be undermined if it were possible for the Government to intervene in such operational matters.
As such, it is not appropriate for the Government to publicly discuss the FCA’s discharging of their supervisory duties in respect of Lendy’s financial promotions. However, I have passed your requests onto the FCA for them to respond to directly. A copy of the letter will be placed in the Library of the House.