Bank of England's Bailey apologises to investors in collapsed fund

Andrew Bailey, currently the Bank of England's governor, apologised to investors in London Capital & Finance, a fund firm that collapsed, after an independent report found fault with him and other top officials at a British regulator. "I am sorry those changes did not come in time for LC&F bondholders," Bailey said.

Andrew Bailey, currently the Bank of England's governor, apologised to investors in London Capital & Finance, a fund firm that collapsed, after an independent report found fault with him and other top officials at a British regulator. "As CEO of the FCA between 2016 and 2020, I apologise to LC&F bondholders," Bailey said in a statement.

He said he undertook reforms during his time at the Financial Conduct Authority. "I am sorry those changes did not come in time for LC&F bondholders," Bailey said. (Writing by William Schomberg, editing by David Milliken)