London Capital & Finance falls into administration

Legal | South East

Thousands of customers who have invested in high-risk bond schemes at London Capital & Finance (LCF) fear they may have lost everything, following the collapse of the business.

Now in administration, LCF took a total of £236m following a prolonged marketing campaign – which is now under investigation for mis-selling.

The schemes were marketed as ‘Fixed Rate ISAs’ and LCF’s administrators have stated that they hope to recoup as much as possible for those that have been affected.

Finbarr O’Connell, Adam Stephens, Colin Hardman and Henry Shinners all of Smith & Williamson LLP were appointed joint administrators of London Capital & Finance Plc on 30 January 2019.

 

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4 Comments

  1. We invested our daughter’s £6000 from her earnings from work that was in her children’s ISA at Halifax after she turned 18. Have we lost it all? Or how to recoup? This is awful.

  2. We took out ISA’s from the bank and post office and merged them making a total of nearly £18,OOO. and invested in LCFs SECURED mini Bonds We are both in our 80’s, and was hoping this would be for any care we might need in the future. Is there any future for us??

  3. This product has been available since 2012 and was being regulated by the Financial Conduct Authority!!
    What were they doing when all of this “Mis-Marketing and Mis-Selling was taking place??
    What is the point of a Financial Regulating Authority, that allows £263 million worth of “Blatantly Fraudulent Business” to be carried out before taking any action??
    All they did in my case was give me a false sense of security about this Company and its Product!!
    Obviously ALL the SCUM at London Capital and Finance that were associated with the destruction of so many “ordinary working peoples lives” by stealing their life savings!! Should be stripped of ALL their assets and thrown in jail to ROT!!
    But the people in charge of the Financial Conduct Authority!! Should take a good hard look at their involvement in this fiasco?? Maybe if they had been performing their role correctly?? the damage might not have been so CATASTROPHIC!!!

  4. Does anyone know how much of the £236 million, was invested “AFTER” London Capital & Finance were given their “Regulated Status” from the FCA. Also if , the FCA receive any sort of “Monetary Reward” from a company once their have be given the “Regulated Status” If this is indeed the case?? that the FCA was receiving a payment from LCF in return for this accolade?? Surely it should be the “Serious Fraud Squad” that carry out the investigation into their incompetents and possible criminal activities (receiving payment for favour!!) Instead of an internal investigation by friends or family members as seems to be the present situation (yet another white-wash) as was experience with the MPs “EXPENSES SCANDAL” (they all received a huge pay rise, after being caught stealing!!) I recently, attempted to lodge an official complaint against the FCA with the Financial Ombudsman in view of how incompetent they had been with regards to their handling of the LCF regulation procedures (it only took the administrators one or two weeks to realise that the marketing information was a SCAM) This is what the FCA gave LCF their “Regulated Status” against.
    But too my amazement!!! The Financial Ombudsman WOULD NOT ACCEPT MY COMPLAINT. Who would have believed that one Government department would have closed ranks to protect another government department?? (what do these people have to do before they are held to account) £236 million has been stolen, “with their help”

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