The UK Financial Services Compensation Scheme (FSCS) today provided an update on the London Capital & Finance matter.

FSCS has now paid compensation for 12,330 bonds under the government scheme, totalling over £114 million. FSCS has 88 bonds still to pay.

The Scheme will issue cheques for 37 of these in the next few days, the remaining 51 are cases where FSCS has requested documents that have not yet been provided. These cheques will be issued as soon as FSCS has everything it needs.

As the final cheques will be posted around the Easter bank holidays, they may take a few extra days to arrive. If you are expecting compensation but haven’t received a cheque by the end of April then please get in touch by calling FSCS on 0800-091-0030.

There are a small number of cheques that have been issued but haven’t yet been cashed. FSCS is trying to get in touch with those bondholders. If FSCS has sent you a cheque but its records show you haven’t yet paid it into your bank or building society account, FSCS may call or email you to check that everything is OK.

London Capital & Finance (LCF) was a Financial Conduct Authority (FCA) authorised firm which issued unregulated non-transferable debt securities, commonly known as ‘mini-bonds’, to investors and then speculatively invested the funds received in a number of underlying businesses. LCF went into administration in January 2019 and at the point of failure 11,625 bondholders had invested around £237 million.