The Financial Conduct Authority (FCA) has apologised to individuals who invested in mini-bonds issued by Basset & Gold, as it confirmed it will not pay redress but will offer £200 to complainants.
Basset & Gold Ltd and Basset & Gold Plc were unregulated firms that raised funds via issuing mini-bonds, the FCA stated in an update. The former went out of business in 2021, with the latter following in 2022. While both entities were appointed representatives (ARs) on the financial services register, the FCA said in a statement this morning that it did not "directly regulate or approve the registration of" either company. The firms were ARs of Thornbridge Investment Management, Gallium Fund Solutions and B&G Finance, the FCA confirmed on Wednesday (28 May). "These three firms acte...
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