BASSET & Gold has scaled back its UK operations and is reassessing its focus in the wake of the collapse of London Capital & Finance.
The firm, which issues mini-bonds that finance UK lending platforms and direct loans, has told Peer2Peer Finance News that it is reassessing its target audience and geographical priorities, which has led to a scaling back of its UK team.
Former executive director and relationship manager Daniel Smith has left the company and has been replaced on the board by Lisanne Mealing.
Compliance consultant Michael Messervy and marketing manager Nicolas Walters have also left the firm.
The changes have been blamed on negative sentiment towards the mini-bond market following the collapse of mini-bond provider London Capital & Finance (LFC) after the Financial Conduct Authority (FCA) found investors were misled into believing investments were ISA-eligible.
Unlike LCF, Basset & Gold is regulated by the FCA and is a registered Innovative Finance ISA (IFISA) provider.
There have been no losses in its mini-bonds.
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“Following the collapse of London Capital & Finance and others, there has been negative sentiment around the mini-bond market,” the company said in an emailed statement.
“As a result, B&G is re-assessing its target audience and its geographical priorities which has logically led to a reduction in the UK team.”
It is believed the changes will not impact existing investors.