Last month, the UK Financial Conduct Authority (FCA) apologized for oversight "failings" that allowed investors to lose millions in the 2018 collapse of fraudulent peer-to-peer lender Collateral, as reported by the Financial Times.
In an email to over 300 complainants, the FCA admitted it was "too slow" to shut down the company after discovering wrongdoing. "We are sorry for the FCA's failings in relation to its dealings with Collateral and the distress and inconvenience this has undoubtedly caused you," it said, adding, "Losing any sum of money can be deeply upsetting and a cause of significant worry and frustration."
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