London Capital and Finance

jimjames

According to the FT today, LCF were technically insolvent as far back as 2017

https://www.google.com/url?rct=j&sa=t&url=https://www.ft.com/content/09df4f72-5222-11e9-9c76-bf4a0ce37d49&ct=ga&cd=CAEYACoUMTQyODE3NjU4NzU3MjQ0MzI1MzEyGjdlMWYzMmUxZDI0OGNkMzE6Y29tOmVuOlVT&usg=AFQjCNHCLOGcwRKsqVtWcG6Uybvg5siXhg

jimjames

Rubclucker wrote: »

They are answering calls, doing the marketing (that is very similar to LC&F and BLACKMORE BONDS) and everything else exactly like before. Try it yourself, ring them and ask some questions like me.

There were lots of things bad about LCF but having a company handling their calls and admin isn't one of them in my view. Fraudulent loans and promotions filled with lies are the real problems.

If you think that's the despicable thing about LCF then 'm not sure you understand the way many companies outsource their call centres and administration so the person you speak to when you call your bank may not be directly employed by them.

Botheredin

sully1311 wrote: »

Well well well.... hasn’t the top isa rates site changed a bit!

One wonders if the well funded and properly regulated businesses like Funding Circle are aware that their logos are being used on a site previously connected to the £236m collapse of LCF?

verybigchris

Apologies if someone's already dealt with this (it's a long thread!), but if HMRC have declared that LC&F's ISA wasn't an ISA after all, why are they not taking immediate action to shut down near identical ISAs like this one from The Capital Bridge?

AnotherJoe

verybigchris wrote: »

Apologies if someone's already dealt with this (it's a long thread!), but if HMRC have declared that LC&F's ISA wasn't an ISA after all, why are they not taking immediate action to shut down near identical ISAs like this one from The Capital Bridge?

Very good question there's quite a few like this. Blackmore wouldl be another worth looking into.

AnotherJoe

sully1311 wrote: »

Well well well.... hasn’t the top isa rates site changed a bit!

In my opinion it's a convenient list of opportunities to lose all your invested money all in one easy to access place.
You could pretty much say "places I'd advise steering clear of unless you have too much money".

masonic

verybigchris wrote: »

Apologies if someone's already dealt with this (it's a long thread!), but if HMRC have declared that LC&F's ISA wasn't an ISA after all, why are they not taking immediate action to shut down near identical ISAs like this one from The Capital Bridge?

"Non-ready realisable investment
Investors should be aware that the bonds you will invest in are non-readily realisable investments. Investment through The Capital Bridge bond should be viewed as a long-term investment. It may be possible for the bonds to be sold but it may be difficult to sell the bonds held through The Capital Bridge ISA."
https://www.thecapitalbridge.co.uk/risks

LCF bonds were non-transferable securities and therefore not ISA-eligible. The text above suggests this is not true of these bonds.

ffacoffipawb

masonic wrote: »

"Non-ready realisable investment
Investors should be aware that the bonds you will invest in are non-readily realisable investments. Investment through The Capital Bridge bond should be viewed as a long-term investment. It may be possible for the bonds to be sold but it may be difficult to sell the bonds held through The Capital Bridge ISA."
https://www.thecapitalbridge.co.uk/risks

LCF bonds were non-transferable securities and therefore not ISA-eligible. The text above suggests this is not true of these bonds.

Also ...

Your Capital is at Risk. Investment not covered by the Financial Services Compensation Scheme (FSCS), may be difficult to transfer & can go down as well as up. Up to twenty percent of your money will go towards paying for the cost of raising capital & the overheads of Capital Bridge & adds to the risk of capital not being returned. You must read our risk page fully before proceeding - click here

Presumably Surge's commission again?

Since using the link to look at their website, they have since appeared 4 times on my Facebook feed. Sorry guys I am not that stupid.

AnotherJoe

masonic wrote: »

"Non-ready realisable investment
Investors should be aware that the bonds you will invest in are non-readily realisable investments. Investment through The Capital Bridge bond should be viewed as a long-term investment. It may be possible for the bonds to be sold but it may be difficult to sell the bonds held through The Capital Bridge ISA."
https://www.thecapitalbridge.co.uk/risks

LCF bonds were non-transferable securities and therefore not ISA-eligible. The text above suggests this is not true of these bonds.

If these "bonds" cannit in practice be sold then do they not become non-transferable? If you wanted to sell one, who on Earth would you sell it to and by what mechanism?

masonic

AnotherJoe wrote: »

If these "bonds" cannit in practice be sold then do they not become non-transferable? If you wanted to sell one, who on Earth would you sell it to and by what mechanism?

As discussed earlier in the thread, the minimum requirement for a security to be deemed 'transferable' is that it can be transferred and that the transfer does not require the consent of a third party. Most transferable securities are only transferable subject to two parties willing to trade.

I've not looked any deeper (in part because the only way to get the full information is to provide some contact details), but the public-facing information implies some sort of marketplace in which incoming lenders could buy out outgoing lenders.