Regulator tells clients of failed LCF to sign up for redress scheme

Regulator tells clients of failed LCF to sign up for redress scheme

Managing Director of fscom, Jamie Cooke speaks to Harriet Russell from the Daily Telegraph on how investors who lost money following the collapse of investment firm London Capital & Finance (LCF) have been told to register with the Financial Services Compensation Scheme as it explores “possible grounds for compensation”.

The FSCS advice to sign up to updates on its website is a U-turn for the industry body, which had previously said LCF’s mini-bond products were neither regulated nor FSCS protected, meaning customers could not seek compensation claims on grounds of mis-selling.

LCF customers were sold mini-bonds that promised returns of up to 11pc, but the firm collapsed at the start of the year after raking in £236m from more than 11,500 savers.

LCF bondholders were told at the end of February…read more below.