UK cuts £43.3bn from bond issuance plans for 2021/22 April 23, 2021 The UK has tabled plans today to issue £252.6bn of government bonds in the 2021/22 financial year, £43.3bn short of what it forecast in March. The reduction comes following data revealing a fall in government borrowing for the previous 2020/21 year, dipping below previous official forecasts. The Debt Management Office has continued to raise net [...]
Treasury minister ‘sorry’ for LCF minibond scandal and plans crackdown on online fraud April 21, 2021 UK Government apologises for LCF minibonds scandal and plans crackdown on online fraud
Esken in ‘advanced talks’ with Isle of Man firm over Stobart Air sale April 19, 2021 Esken – formerly Stobart Group – has today confirmed that it is in “advanced talks” with Isle of Man-based Ettyl over the sale of Stobart Air. The firm has been looking to offload the regional carrier in recent months, having only bought back the airline from bankruptcy last April. Alongside a sale of the airline, [...]
Government to pay out £120m to LCF bondholders in new compensation scheme April 19, 2021 The Government has announced plans to compensate bondholders who lost out on millions following the collapse of London Capital & Finance. A new compensation scheme will pay 80 per cent of bondholders’ initial investment up to a maximum of £68,000, the Treasury said today. Where bondholders have received interest payments from the collapsed firm or [...]
Jackpot: Betfred punter bags £1.7m after High Court battle April 7, 2021 An online blackjack player has won a victory in the High Court today after gambling giant Betfred refused to pay out his £1.7m jackpot winnings. Andrew Green won £1.7m in January 2018 while playing a blackjack game on his phone. But the bookmaker refused to pay out, saying a software glitch meant that the game [...]
High Court rules LCF bondholders not eligible for compensation March 29, 2021 Bondholders who lost millions when London Capital & Finance collapsed two years ago will not be eligible for compensation, the High Court ruled today. The investment firm collapsed in 2019 leaving 11,6000 bondholders facing losses of up to £267m. The firm was regulated by the City regulator but the bonds were unregulated. The bondholders had [...]
Post-Brexit City must be freed from European-style over regulation March 26, 2021 It has always been perceived wisdom that it was greedy bankers to blame for the financial collapse of 2008/9. The truth, however, is very different. Looking back, years of Establishment “too big to fail” support for uneconomic banking and financial institutions which began in the 1970s and culminated in the Greenspan intervention to save markets [...]
London Capital & Finance savers left in the dark about compensation after losing millions March 21, 2021 Savers who lost millions of pounds when mini-bond investment firm London Capital & Finance (LCF) fell into administration in 2019 are facing a longer wait for compensation after the City minister refused to confirm when the aid scheme will launch. LCF collapsed in January 2019, impacting over 11,000 people who invested around £237m in the [...]
Bulls in control after dovish Fed as attention shifts to Bank of England today March 18, 2021 European stock markets had a dull session yesterday as traders played it safe ahead of the closely-watched Fed update. Rates were kept on hold, meeting forecasts. The economy is now projected to grow by 6.5 per cent in 2021, up from the 4.2 per cent forecast issued three months ago. David Madden, market analyst at [...]
BoE’s Bailey apologises to investors amid criticism over LCF collapse March 15, 2021 Bank of England governor Andrew Bailey has apologised for his role in failing investors of collapsed mini-bond firm London Capital & Finance. His apology came amid rising pressure about his responsibility in a series of scandals during his role as head of the Financial Conduct Authority. On Monday morning, Bailey told BBC Radio 4 that [...]