Individuals will continue to be able to make complaints to the FCA about its handling of LCF for a further three months.
FSCS advises LCF bondholders to be wary of any contact, especially through social media, as it may be a scam.
FSCS has now been paying compensation to LCF bondholders who are eligible for the government’s scheme for three weeks.
The changes aim to assist the FSCS in administering the government-funded compensation scheme for London Capital & Finance (LCF) investors.
FSCS has started to contact and offer compensation to bondholders who are eligible under the government’s LCF compensation scheme.
FSCS still expects to start London Capital & Finance (LCF) compensation payments under the Government scheme by the end of November 2021.
FSCS is administering the London Capital & Finance (LCF) compensation scheme on behalf of the government.
The LCF Compensation Scheme is set to compensate bondholders who suffered losses after investing in London Capital & Finance.
The UK government will establish a scheme that provides 80% of LCF bondholders’ initial investment up to a maximum of £68,000.
FSCS has now paid out just over £56.3 million in compensation to London Capital & Finance bondholders who held 3,815 LCF bonds.