The Financial Ombudsman Service (FOS) today ruled investors who lost money in an Integrity fund will be considered for compensation to the tune of £1.9m.
It had previously been determined that clients who had issued complaints about the fund would not be protected by the FOS, but the ombudsman said they would now be considered.
In 2009, investors lost £7.7m in a fund managed by Integrity for which London Capital Group (LCG) provided an execution-only trading platform.
The company said it had recognised a provision of £1.9m of a possible £3.3m contingent liability.
It said it would recognise the charge as an exceptional item in its 2012 results.
LCG is challenging the judgement.
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