We welcome the Report and appreciate the Committee’s scrutiny. I would like to repeat the apology made by our Chair for the errors the FCA made in our handling of this case. We know that London Capital & Finance’s (LCF’s) collapse has had a significant impact on the lives of many individuals who invested money they could not afford to lose. My colleagues and I will learn from the mistakes that have been made. As you are aware, we accepted and have committed to implementing the recommendations which Dame Elizabeth Gloster made for the FCA. On 15 July we published and shared with the Committee an update on our implementation. This sets out progress to date, including on staff training, strengthening processes and policies, and improving how we share and use information.