Johnny Mercer's salary was funded by Surge Financial, which marketed the collapsed LCF bond scheme.Read more
BBC News Online
Rugby club Wasps is being investigated by the UK’s financial regulator over whether it misled the market about the state of its finances and how quickly it rectified things.
That's according to the Financial Times which says the Financial Conduct Authority's interest follows its admission to creditors in late 2017 that it had overstated its earnings, breached covenants on a retail bond and its auditors, PwC, quit.
The FCA and Wasps did not comment to the FT.
Peer-to-peer investments are "high risk" the Financial Conduct Authority is warning.
It's just issued a notice highlighting that Innovative Finance ISAs that put investors' money into products like mini-bonds or peer-2-peer investments may not be protected by the compensation scheme.
The FCA says IFISAs are sometimes marketed alongside cash ISAs but offer investors much less protection. The warning comes in the wake of the collapse of London Capital & Finance, which marketed mini-bonds as IFISAs.
Brexit rejection is on the front page of today's newspapers again while the business sections are fairly united in their choices of lead stories too.
Two stories dominate: "MPs seek full break-up of Big Four", as the FT has it, and "Watchdog facing review after collapse of City firm at centre of £236m scandal", as the Guardian has it.
The former is the call by MPs for the UK's Big Four accountancy firms to be separated into audit and non-audit businesses.
The latter is the news that the Financial Conduct Authority is facing a government probe into its oversight of London Capital & Finance.
Eleswhere The Times reports: "Airlines caught in turbulence after Easyjet's Brexit warning".
Easyjet shares slumped 10% yesterday and its warning led to rivals losing out: Thomas Cook fell 5.4%, Ryanair lost 2.4%, and IAG slid 1.5%.
A development on a story from last week. Investors stand to lose millions from the collapse of so-called mini-bond sales firm London Capital & Finance.
The finance regulator the FCA says there should be an investigation by "an independent person" into what went wrong.
They will investigate:
"The Board decided that the FCA should ask the Treasury to use its formal powers to direct the FCA to commission this review, as this will ensure that the review has a broad and comprehensive remit," said the FCA.
FCA Chair Charles Randell wrote to the Economic Secretary to the Treasury, John Glen, who agreed to the move. More information on the scope of the probe will be published soon, it said.