FCA accused of 'hanging investors out to dry' in Panorama documentary

Focus on Blackmore Bond collapse

The Financial Conduct Authority has come under fire in an episode of BBC’s Panorama for its failure to protect investors who lost a collective £46m when a property investment scheme collapsed.

The documentary showed how the FCA was alerted to the "boiler room" tactics being employed to market the Blackmore Bond but, the show said, it failed to act for two years. In the programme, the FCA said it was not its duty to investigate the failed unregulated scheme, however, a group of MPs has called for an independent judge-led inquiry akin to the Gloster Report into the London Capital & Finance scandal. Calls grow for FCA to end 'deafening silence' as Woodford update 'adds insult to injury' Blackmore, a mini-bond which should have only been sold to sophisticated investors, offe...