FSCS forks out £2.7m to 135 LCF customers

Though mini-bonds are not a regulated product, the lifeboat fund said customers invested in the bonds following transferring out of stocks and shares ISAs, which is considered a regulated activity. The payments were made automatically by the FSCS without the need for the victims to apply. LCF collapsed in January 2019 after beign accused of mis-selling some £236m worth of mini-bonds to thousands of investors. In May, the Financial Conduct Authority (FCA) called for an independent investigation into the issue raised by the collapse, which included its own supervision of the firm. In Ja...