The Financial Conduct Authority has publicly censured London Capital & Finance for “unfair and misleading financial promotions” of minibonds.
The FCA said it had stopped short of imposing fines on LC&F, which collapsed in 2019 after wiping out the savings of nearly 12,000 investors, since the burden would ultimately fall on the firm’s creditors.
LCF collapsed owing £236m after raising funds by selling unregulated minibonds, which promised returns of up to 8% by investing in property developments.
