Latest News

Britain launches compensation scheme for collapsed London Capital & Finance

Economy1 hour ago (Nov 03, 2021 12:15)

© Reuters.

LONDON (Reuters) – Britain’s finance ministry said on Wednesday it has launched a compensation scheme for people who lost millions of pounds when investment fund London Capital & Finance collapsed.

The government had to step in to make available about 120 million pounds ($163.8 million) to compensate about 8,800 investors after LCF collapsed in 2019.

LCF was regulated by the Financial Conduct Authority, but the mini-bonds that it sold were unregulated, leaving most bondholders not eligible for compensation under the Financial Services Compensation Scheme (FSCS).

The ministry said the scheme will pay 80% of bondholders’ principal investment in eligible bonds, up to a maximum of 68,000 pounds.

“The scheme is available for bondholders with an outstanding investment with LCF which has not already been compensated by the Financial Services Compensation Scheme,” the ministry said.

“FSCS will contact eligible bondholders directly with details of their compensation payment and bondholders do not need to do anything to claim compensation from the scheme.”

The FSCS will contact all bondholders with their offer of compensation by April 20, 2022.

($1 = 0.7326 pounds)

Britain launches compensation scheme for collapsed London Capital & Finance

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Bottler Coca Cola HBC to step up marketing push after strong Q3 sales

Previous article

ADP: Private Employment increased 571,000 in October

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News