The FSCS Paid over £114 Million to LCF bondholders

by Cryptospacey

The UK Monetary Companies Compensation Scheme (FSCS) paid over £114 million to London Capital & Finance plc (LCF) bondholders. On 30 January 2019 LCF went into administration. On 9 January 2020 LCF introduced it has failed.

A press release launched in 2019 make clear the actions of LCF:

‘LCF is allowed and controlled by the Monetary Conduct Authority (with FRN 722603). LCF was the issuer of mini-bonds which had been used for the needs of constructing loans to company debtors to offer these debtors with capital for additional funding.

‘The issuing of mini-bonds doesn’t usually contain the carrying on of an FCA regulated exercise. Subsequently, LCF didn’t have to be licensed by the FCA to difficulty the mini-bonds however did have to be licensed to difficulty the promotion of the mini-bonds.
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‘There are some 14,000 bondholders with LCF. We’re working to make sure that they’re all contacted instantly and urgently in order that they’re conscious of the state of affairs.

‘We now have arrange a devoted name middle and e mail system. We might ask the Bondholders to bear with us in these early days as there may be a lot to do.’

The FSCS Compensated over 12,000 Bonds

The FSCS commenced its investigation to find out if all actives had been regulated. By 19 April 2021 2,871 bondholders had been paid £56.6 million.

After the fee was issued the UK authorities introduced a one-time compensation scheme. Compensation is to be offered to eligible bondholders that the FSCS was unable to compensate.

An replace was issued at this time on the compensation.

The FSCS has compensated 12,330 bonds for over £114 million. 88 bonds are nonetheless as a result of be paid for as a part of the compensation scheme. The FSCS has confirmed 37 cheques can be despatched within the subsequent a number of days.

The remaining 51, paperwork had been requested from the bondholders which can be but to be offered. The final batch of cheques can be issued round Easter.

If you’re anticipating a checkque and never have obtain it by the top of April, please contact the FSCS at 0800 091 0030 or through its web site.

It was famous that a number of cheques that had been despatched remained uncashed.

The FSCS will contact these bondholders through a cellphone name or e mail to affirm whether or not there are any points.

The UK Monetary Companies Compensation Scheme (FSCS) paid over £114 million to London Capital & Finance plc (LCF) bondholders. On 30 January 2019 LCF went into administration. On 9 January 2020 LCF introduced it has failed.

A press release launched in 2019 make clear the actions of LCF:

‘LCF is allowed and controlled by the Monetary Conduct Authority (with FRN 722603). LCF was the issuer of mini-bonds which had been used for the needs of constructing loans to company debtors to offer these debtors with capital for additional funding.

‘The issuing of mini-bonds doesn’t usually contain the carrying on of an FCA regulated exercise. Subsequently, LCF didn’t have to be licensed by the FCA to difficulty the mini-bonds however did have to be licensed to difficulty the promotion of the mini-bonds.
.
‘There are some 14,000 bondholders with LCF. We’re working to make sure that they’re all contacted instantly and urgently in order that they’re conscious of the state of affairs.

‘We now have arrange a devoted name middle and e mail system. We might ask the Bondholders to bear with us in these early days as there may be a lot to do.’

The FSCS Compensated over 12,000 Bonds

The FSCS commenced its investigation to find out if all actives had been regulated. By 19 April 2021 2,871 bondholders had been paid £56.6 million.

After the fee was issued the UK authorities introduced a one-time compensation scheme. Compensation is to be offered to eligible bondholders that the FSCS was unable to compensate.

An replace was issued at this time on the compensation.

The FSCS has compensated 12,330 bonds for over £114 million. 88 bonds are nonetheless as a result of be paid for as a part of the compensation scheme. The FSCS has confirmed 37 cheques can be despatched within the subsequent a number of days.

The remaining 51, paperwork had been requested from the bondholders which can be but to be offered. The final batch of cheques can be issued round Easter.

If you’re anticipating a checkque and never have obtain it by the top of April, please contact the FSCS at 0800 091 0030 or through its web site.

It was famous that a number of cheques that had been despatched remained uncashed.

The FSCS will contact these bondholders through a cellphone name or e mail to affirm whether or not there are any points.

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