Image Image Image Image Image Image Image Image Image Image

Peer2Peer Finance News | August 18, 2019

Scroll to top

Top

Leader of London Capital & Finance probe urges victims to get in touch

Leader of London Capital & Finance probe urges victims to get in touch
Suzie Neuwirth

THE LEADER of an independent probe into the supervision of London Capital & Finance (LCF) has urged those affected by the collapse of the mini-bond provider to get in touch.

International arbitrator Dame Elizabeth Gloster is heading up the investigation into the Financial Conduct Authority’s (FCA) regulation of the firm prior to its collapse.

An FCA announcement on Thursday said that Gloster and her team will engage with bondholders, bondholders’ groups, professional organisations and other interested parties who can provide information relevant to the investigation.

Individuals impacted by the failure of LCF can send any relevant information via email.  The email address is IndependentInvestigation.LondonCapitalFinance@fca.org.uk and will only be accessed by Dame Elizabeth and her team.

“Many people have been badly affected by the failure of LCF,” said Gloster.

“There is rightly a great deal of interest in what happened at LCF and the role of the FCA.  I am keen to hear from as many of those affected as possible and am grateful for the information I have already received from bondholders and others. I would encourage anyone who wants to engage with the investigation to get in touch with me at the email address above.”

Read more: FSCS considers compensation for investors in failed mini-bond firm

A new document was published on Thursday outlining the protocol of the investigation.

Regular updates to the investigation will be published on the FCA’s website.

Read more: Zopa distances P2P from mini-bonds

LC&F went into administration in January after the regulator ordered it to halt its regulated activity and stop marketing products. The FCA estimates 14,000 people had invested £214m through the bonds.

In March, the FCA’s board decided there should be an independent probe into the collapse of LC&F.