The U.K. Financial Conduct Authority (FCA) apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
Andrew and Peter Currie, directors of Collateral, altered the details about the firm on the FCA’s public registrar in 2014 to make it appear the firm had received interim permission from the agency to undertake consumer credit activities, when it had not, the FCA said Thursday in a press release.
