London Capital and Finance

masonic

luxemburger wrote: »

Which one?

The one through which they lent c£236 million to 12 other companies.

Brian65

The only Ad I have seen says Capital at Risk
Not as bold as the interest rate but clear enough.

I understand some victims of scams feel stupid and are too embarrased to come forward.
But I think those who do come forward should be respected for doing so as its a warning to others, and increases the chance of bringing the perpetrators to account.

Supercalafragalistic

dunstonh wrote: »

Cue the sob stories of <insert public sector worker> who placed tens of thousands blaming everyone else but no coverage of how people can avoid these things by not letting greed overcome common sense.

I am really sorry they lost money. However, who on earth invests tens of thousands of pounds in a company they have never heard of where the top response on google is a thread on this site that warns people not to do it.

Naievity? stupidity? no common sense? Blinded by greed? no personal responsibility? Who knows. Many of those people would have put more research into their mobile phone purchase than they did into this extremely high-risk unregulated investment.

Maybe its too early to be saying things like this but I am flabbergasted at the number of people that got taken in.

A number of DIY investors on this site go on about the nanny state style restrictions that invest in some areas of financial services. However, this perhaps shows why they are needed.

I find this somewhat victim shaming. As someone said on this thread earlier, its like blaming a person for being mugged beacuase they were not as strong as the mugger. These people deliberately misled and tricked average people with average understanding into purchasing. And who knows what lies their call centres were making. And as for greed....what about those profiting from this. They didnt do it out of desperation, to piut a roof over their heads or whatever, they did it to buy ridiculous, unecessary toys, and ruin lives into the bargain.

Supercalafragalistic

https://www.essexmagazine.co.uk/2019/03/everything-you-need-to-know-about-surge-group-plc-boss-paul-careless/

Reaper

BBC news:
https://www.bbc.co.uk/news/uk-england-47454328

jimjames

Reaper wrote: »

BBC news:
https://www.bbc.co.uk/news/uk-england-47454328

There will also be a piece on the 6pm BBC Radio 4 news tonight

doe808

Supercalafragalistic wrote: »

As someone said on this thread earlier, its like blaming a person for being mugged beacuase they were not as strong as the mugger.

Except the person being mugged was playing around in the dodgy part of town.



The key word in dunstonh's post is 'common sence'. The people who lost money thought they were being smart.



If they were competent adults, I have little sympathy.

masonic

masonic wrote: »

Interesting. Several possibilities could explain this: they invested under regulated advice (unlikely but not impossible), the FSCS based their answer on incorrect assumptions about the product, the FSCS was simply mistaken, etc.

What is very important to remember is that even if FSCS protection applied it would be the £50k investment protection and would not cover the investment loss suffered by bondholders, which is equivalent to a corporate bond defaulting. The only way an investor could receive money from the FSCS is through an upheld Financial Ombudsman Service complaint against a regulated adviser, where the adviser became insolvent.

I've only just managed to listen to the MoneyBox report, but the interview backs up this view that FSCS protection would only apply to bad advice received from a regulated adviser.

The only silver lining in the whole piece was that Captain Careless's firm might be in the administrators' sights.

Supercalafragalistic

doe808 wrote: »

Except the person being mugged was playing around in the dodgy part of town.



The key word in dunstonh's post is 'common sence'. The people who lost money thought they were being smart.



If they were competent adults, I have little sympathy.

Thats great logic. So if you are lied to, its your own fault.. If someone tricks you its your fault. If someone robs you its your fault. If someome murders you its your fault. Where do you stand on rape? !!!!!philia?
Thanks for the insight.

jimjames

masonic wrote: »

The only silver lining in the whole piece was that Captain Careless's firm might be in the administrators' sights.

I wonder if Ernst & Young might be of interest too as they signed off the accounts for LCF last time when the same issues should have been visible. Even for an auditor 12 companies wouldn't be much to check