The Financial Services Compensation Scheme (FSCS) has concluded that a number of London Capital & Finance (LCF) customers were given "misleading advice", which may make them eligible for compensation.
After an "extensive review" of LCF's business practices, the FSCS concluded that Surge Financial provided a number of clients with misleading advice while acting on behalf of LCF. Since giving advice is a regulated activity, the FSCS said, clients were eligible for FSCS protection and therefore may be eligible for compensation. The FSCS added, however, that it does not yet have access to all the necessary information needed to determine the nature and extent of the misleading advice given to LCF customers and that it was still working to gain access to the relevant data. The new...
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