London Capital & Finance was a ‘Ponzi scheme’, judge rules Legal Former executives of the collapsed London Capital and Finance (LCF) participated in fraudulent conduct, ruled a High Court judge.
PwC fined £15m by FCA after London Capital & Finance fraud failure Legal PwC has been fined £15m by the Financial Conduct Authority after it failed to alert the regulator that London Capital & Finance (LCF) might be involved in fraudulent activity. In the first ever fine issued by the FCA to an audit firm, the watchdog said that PwC had encountered “significant issues” throughout their 2016 audit [...]
PwC and EY handed multimillion-pound fines for London Capital & Finance audits legal Three firms, including PwC and Ernst & Young (EY), have been handed fines by the accounting watchdog for their audits of London Capital & Finance (LCF), a minibonds firm which took money from almost 12,000 investors before collapsing in 2019.
Mini-bond trial: London Capital & Finance administrators legal battle against former executives commences February 19, 2024 The administrators of London Capital and Finance (LCF) civil legal proceedings kick off today against the former executives of the company, including its former CEO Michael ‘Andy’ Thomson. The investment company collapsed back in 2019 after an intervention by the Financial Conduct Authority (FCA) following a discovery that LCF was marketing unregulated mini-bonds along with [...]
FCA bans London Capital & Finance boss over scandal which lost investors more than £200m February 13, 2024 The Financial Conduct Authority has fined and banned one of the former bosses of London Capital & Finance today over his role in the mini-bond scandal that left investors millions of pounds out of pocket.
LCF ‘censured’ over minibonds as City watchdog looks to turn page on ‘unjustifiable’ scandal October 11, 2023 The FCA has censured LCF over its minibonds promotions but watchdog admits move won't provide solace to those duped by misleading promotions
A two-tiered debt capital bond market puts economic equality in the UK in peril February 21, 2022 The pledge to tackle economic inequality across the country is a central ambition of this government. What the financial industry can do in this process is a key question of our times. Finding an answer can help define the City’s legacy and the financial industry’s impact on broader society for generations to come. The City [...]
Bailey should leave the commentary to the commentators February 6, 2022 It used to be said that the Governor of the Bank of England could keep the City of London on an even keel with the slightest flicker of an eyebrow. Andrew Bailey took a different tack last week – raising the entire nation’s eyebrows with a somewhat ill-advised suggestion to the nation’s workers that they [...]
FCA accused of changing compensation rules to avoid paying victims November 14, 2021 The UK’s financial regulator stands accused of unlawfully changing the rules of its compensation scheme to avoid payouts to victims. The FCA allegedly changed its complaints scheme as it was facing claims from savers who lost a total of £237m in the collapse of investment firm London Capital & Finance in 2019. The watchdog is being investigated [...]
Redress on the horizon? NAO begins probing FCA’s handling of British Steel transfer debacle October 20, 2021 The National Audit Office (NAO) has begun its probe into the Financial Conduct Authority’s (FCA) handling of the British Steel transfer debacle. The investigation is still in its early stages, but the audit watchdog said that it aims to publish its findings in Spring next year. The 2017 scandal involved 7,700 British Steel Pension Scheme [...]