High Court rules in favour of FSCS in LCF compensation battle
Judicial review
LCF was a mini-bond issuer and, because issuing mini-bonds is not a regulated activity, did not need to be authorised by the FCA.
The High Court has ruled that London Capital & Finance (LCF) customers who took unregulated financial advice will not get compensation from the Financial Services Compensation Scheme (FSCS).
The court agreed with the FSCS's conclusion that the issuing of bonds by LCF after 3 January 2018 was unregulated activity. The compensation scheme said: "FSCS's decision meant that bondholders who...
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