London Capital & Finance investors to receive £120m compensation
Lawyers call decision rare recognition of regulatory failings
20 April 2021 • 5:00am
Investors in failed “mini-bond” provider London Capital & Finance will be reimbursed 80pc of their lost savings as the Government attempts to make amends for regulatory failings.
LCF fell into administration in January 2019 after attracting £237m from more than 11,0000 bondholders, lured in by lucrative returns.
The Government will now pay out £120m in compensation to savers, many of whom lost their retirement savings. This comes after an independent review by retired judge Dame Elizabeth Gloster said the City watchdog, the Financial Conduct Authority, failed to properly regulate the bond provider.
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