BBC News
By Kevin Peachey
image captionLCF promised returns of 8% for people investing for more than three years
The City regulator failed to effectively supervise and regulate London Capital and Finance (LCF) which collapsed with losses for investors.
Bank of England governor Andrew Bailey, who was running the Financial Conduct Authority (FCA), has apologised to those who lost life savings.
Some 11,625 people invested a total of £237m with LCF before it collapsed into administration in January 2019.
Many lost all their investment, but may now receive one-off compensation. The scheme will assess whether there is a justification for further one-off compensation payments in certain circumstances for some LCF bondholders, said economic secretary to the Treasury, John Glen.
Quilter: Govt should amend NHS scheme rules due to Covid
By Michael Klimes 17
th December 2020 10:49 am
Quilter has urged ministers to change NHS scheme pays rules so staff avoid “undue tax costs” while they fight coronavirus.
The open letter calls for an overhaul of the rules to give members more time to get their pension planning in order.
It has been sent to chancellor Rishi Sunak, health secretary Matt Hancock and economic secretary to the Treasury John Glen.
Scheme pays allows savers to settle annual allowance tax charges of more than £2,000 through the pension fund without needing to find cash upfront.