FSCS to close London Capital & Finance compensation scheme on Oct 31, 2022
On 31 October 2022, FSCS will be closing the LCF compensation scheme that FSCS has been administering on behalf of the government.
On 31 October 2022, FSCS will be closing the LCF compensation scheme that FSCS has been administering on behalf of the government.
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.