London Capital Group (LCG) has delayed its 2010 results while it works out how much compensation it must pay investors who lost £7.7m in its managed spot FX fund.
The online trading company - not to be confused with independent wealth management group London & Capital - was due to publish its full-year results today but says it will now release them before the end of March. LCG's board says it needs time to study an unfavourable FOS ruling but expects to set aside "materially less" than the £7.7m total losses on the fund for investor compensation. Earlier this month a FOS adjudicator ruled LCG must pay £100,000 in compensation plus interest to an investor in its managed spot FX fund. The FOS investigation found inflated client balances an...
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