Blackmore Bond: Insolvency

Treasury written question – answered on 14th September 2022.

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Photo of Catherine West Catherine West Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Chancellor of the Exchequer, if he will call for an independent inquiry into the Financial Conduct Authority's handling of the collapse of Blackmore Bonds.

Photo of Andrew Griffith Andrew Griffith The Financial Secretary to the Treasury

The Financial Conduct Authority (FCA) is responsible for securing an appropriate degree of consumer protection across a broad range of financial services products. However, it does not regulate all financial services firms and products. Blackmore Bond Plc was not authorised by the FCA and the sale of the ‘mini-bond’ product it offered was not an activity regulated by the FCA. The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities. The Government therefore has no plans to commission an independent inquiry into the FCA’s handling of the collapse of Blackmore Bond plc.

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