LCF investors drop court appeal against FSCS

Some 11,600 bondholders lost their savings

Pedro Gonçalves
clock • 2 min read

Customers who lost money in the collapse of mini-bond company London Capital & Finance have withdrawn their judicial review appeal against the Financial Services Compensation Scheme (FSCS).

"On 29 March 2021 we shared the news that the court had reached a decision on the judicial review that was brought against FSCS by some LCF bondholders," the FSCS said in an update on its website. "The claimants then filed an appeal but have now announced that they have withdrawn this appeal. This brings the legal challenge against FSCS to a close. This update does not change any of our decisions on LCF claims," the FSCS added. Four of the LCF bondholders who were representing the rest of the mini-bond provider's investors had won permission to take their case to the Court of Appeal f...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA calls for acceptance of risk-taking outcomes as industry tackles balance between growth and consumer protection

FCA calls for acceptance of risk-taking outcomes as industry tackles balance between growth and consumer protection

Treasury Committee hearing held on 10 December

Sorin Dojan
clock 10 December 2024 • 3 min read
FCA: Expect action on vulnerable client treatment next year

FCA: Expect action on vulnerable client treatment next year

FCA could take ‘appropriate regulatory action' in H1

Jenna Brown
clock 10 December 2024 • 2 min read
Whistleblower's rights under watered down FCA's name and shame plans

Whistleblower's rights under watered down FCA's name and shame plans

FCA changed its name and shame plans after industry feedback

Thomas Beale
clock 09 December 2024 • 4 min read