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London Capital & Finance

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  • Monday, 19 February, 2024
    London Capital & Finance ran ‘Ponzi’ scheme, court told

    Sums raised by investment firm allegedly spent on earrings, horses and shotguns

    A person holding a tablet showing the London Capital & Finance website above a table with a drink, glasses, phone and laptop
  • Wednesday, 11 October, 2023
    UK regulator censures London Capital & Finance over minibond promotion

    The FCA says now-defunct firm would have received a ‘substantial’ penalty were it not already insolvent

    Sign on the window of FCA headquarters
  • Wednesday, 17 May, 2023
    Serious Fraud Office UK
    Ex-boss of London Capital & Finance given 10-month suspended jail sentence

    Andy Thomson convicted of contempt as part of probe into investment scandal

    Southwark Crown Court
  • Friday, 3 December, 2021
    Isas
    HMRC eyes hefty fines for Isa rule breaches

    Review follows the collapse of minibond company LCF

  • Wednesday, 23 June, 2021
    Financial Conduct Authority UK
    FCA criticised for lack of accountability in LCF scandal

    MPs rebuke UK watchdog over handling of £237m collapse of mini-bond issuer

  • Monday, 19 April, 2021
    Personal Finance
    LCF investors in line for £120m government compensation

    Treasury to pay bondholders who lost savings when minibond company collapsed

    LCF was authorised by the UK financial regulator but the products it sold were high-risk and unregulated meaning the bulk of customers, who invested £237m in total, were unable to seek compensation from the FSCS
  • Friday, 26 March, 2021
    Andrew Bailey refuses to back down in row with former judge over LCF

    Letters released on Friday show dispute between BoE governor and Dame Elizabeth Gloster simmers on

  • Thursday, 25 March, 2021
    Financial Conduct Authority UK
    UK regulator ‘didn’t understand’ effect of loophole on investors being exploited in LCF scandal

    Senior executive admits to failings over policing ‘toxic interface’ between regulated and unregulated activities

    Megan Butler, director of supervision at FCA
  • Tuesday, 9 March, 2021
    Andrew Bailey
    MPs demand answers from Bank of England governor on LCF ‘contradictions’

    Treasury committee tells Andrew Bailey to clarify whether he pressed former judge to remove his name from report into scandal

  • Monday, 1 March, 2021
    Financial Conduct Authority UK
    FCA executives face pay cuts for LCF failings

    Head of UK watchdog also cuts bonuses over handling of collapsed minibond issuer London Capital & Finance

  • Tuesday, 9 February, 2021
    Judge disputes Bailey account of why he asked not to be named in LCF probe

    BoE head allegedly misrepresented his reasons to MPs about his attempts to have name removed from Gloster report

  • Monday, 8 February, 2021
    Andrew Bailey
    Bailey ‘angry’ at inquiry head’s criticisms over LCF scandal

    BoE governor tells MPs Dame Elizabeth Gloster was wrong and his apology was misrepresented

  • Monday, 1 February, 2021
    UK financial regulation
    Bailey under fire for FCA failures over LCF collapse

    Inquiry head tells MPs current BoE governor did not provide ‘adequate reason’ for lack of protection for investors

  • Friday, 22 January, 2021
    Financial Services Compensation Scheme Ltd
    Financial scam compensation bill to cost £1bn next year

    Rise of 48% in FSCS levy for 2021-22 prompts calls for government action

  • Tuesday, 19 January, 2021
    Investments
    London Capital & Finance investors entitled to payouts, court told

    Judicial review begins into lifeboat fund’s decision to compensate only fifth of customers

  • Sunday, 20 December, 2020
    The FT ViewThe editorial board
    Lessons from an investment scandal

    The FCA should take to heart the failings exposed by the LCF collapse

  • Thursday, 17 December, 2020
    UK financial regulation
    FCA did not ‘effectively supervise’ collapsed mini-bond issuer LCF, says report

    Bondholders ‘were entitled to expect, and receive, more protection’ from UK financial regulator

  • Friday, 11 December, 2020
    High-risk mini-bonds banned by regulator

    FCA makes temporary sanction permanent from January, after London Capital & Finance collapse.

  • Friday, 28 August, 2020
    Mini-bonds
    FCA tests investigator’s patience with delayed disclosures

    Former judge leading probe into handling of LCF scandal tires of regulator’s hold-ups

  • Tuesday, 7 July, 2020
    Due Diligence
    Bookkeeping: auditors in the crossfire Premium content

    The UK’s Big Four accounting firms have until 2024 to separate their audit practices

  • Wednesday, 24 June, 2020
    LexAccountancy
    London Capital & Finance: scrutinising the scrutineers Premium content

    Accountancy regulator Financial Reporting Council announces probe into auditing.

  • Tuesday, 23 June, 2020
    Accountancy
    London Capital & Finance auditors face inquiry over mini-bond scandal

    Three firms signed off books with clean bill of health before LCF went into administration

  • Thursday, 18 June, 2020
    Financial & markets regulation
    UK regulator permanently bans marketing of mini bonds

    High-risk products were at centre of London Capital & Finance scandal

    Investors are waiting to see whether a report into the FCA’s role prompts the government to act, or justifies legal claims
  • Thursday, 7 May, 2020
    Investments
    LCF compensation decision looms

    FSCS could compensate some investors in collapsed mini-bond issuer London Capital Finance

  • Monday, 17 February, 2020
    UK financial regulation
    Most investors in collapsed mini-bond issuer London Capital & Finance still waiting on refunds

    UK compensation scheme has issued payments to 135 out of 11,600 customers

    FTGraphic London capital and finance on ipad air
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