Financial regulator to review Crossrail's lack of transparency on delays

The Financial Conduct Authority has confirmed to Caroline Pidgeon it is reviewing the late announcement of the Crossrail delay, and the lack of transparency provided to the public and the financial markets, to decide whether to launch a formal investigation.

Caroline said:

“The Transport Committee identified grave discrepancies in the evidence gathered from meetings to determine who knew what, when, with regard to the launch of Crossrail.

“We can only conclude that we have been misled – and now the financial markets will want to know if they have been misled too.

“Not being transparent about such a large infrastructure project affects many people and many businesses. Any misconduct should be taken very seriously.

“We expect the mayor and TfL to fully comply with any requests from the FCA. This Crossrail debacle has knock-on effects across London’s transport system and accountability for poor management is imperative.”

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