London Capital and Finance

robatwork

Without a doubt one of the best threads we've ever had on MSE and all this talk of FSCS raises a wry smile - given posts #4 and #5. This contemporaneous narrative of a financial car crash is why forums are so good, and hopefully instructive.

We've had heroes and villains, LCF supporters (well, one anyway) and naysayers, and doubtless this will have a twist or two more. For every 86 year old victim (and this is the correct word) of these snake-oil salesmen there was also a greedy investor who knew they were getting into something very speculative at best. Sticks in the throat that the latter will get a hand-out as well as the victims. 

csgohan4

LCF threads had been deleted when it first started, people were warning other's about it. Probably being told to do so by legal as often some companies lawyer up and ask MSE to remove or face legal action for defamation

So i am not sure who is at fault, MSE for capitulating or LCF for lawyering up?

dunstonh

Without a doubt one of the best threads we've ever had on MSE and all this talk of FSCS raises a wry smile - given posts #4 and #5. This contemporaneous narrative of a financial car crash is why forums are so good, and hopefully instructive.

Although MSE was found wanting in this respect as it generally deleted LC&F threads and even banned some people because of it.   Whilst allowing a poster who has gone very quiet or changed login name to continue posting a self-declared MSE guide to investing in LC&F. Effectively promoting it.

robatwork

dunstonh said:

Without a doubt one of the best threads we've ever had on MSE and all this talk of FSCS raises a wry smile - given posts #4 and #5. This contemporaneous narrative of a financial car crash is why forums are so good, and hopefully instructive.

Although MSE was found wanting in this respect as it generally deleted LC&F threads and even banned some people because of it.   Whilst allowing a poster who has gone very quiet or changed login name to continue posting a self-declared MSE guide to investing in LC&F. Effectively promoting it.

I didn't want to go there dunstonh! 

MSE didn't cover itself with glory on its actions or inactions on this thread, and you can thank me for some vigorous emailling about the person who was banned and reinstated, I think you know him 

IanManc

robatwork said:

dunstonh said:

Without a doubt one of the best threads we've ever had on MSE and all this talk of FSCS raises a wry smile - given posts #4 and #5. This contemporaneous narrative of a financial car crash is why forums are so good, and hopefully instructive.

Although MSE was found wanting in this respect as it generally deleted LC&F threads and even banned some people because of it.   Whilst allowing a poster who has gone very quiet or changed login name to continue posting a self-declared MSE guide to investing in LC&F. Effectively promoting it.

I didn't want to go there dunstonh! 

MSE didn't cover itself with glory on its actions or inactions on this thread, and you can thank me for some vigorous emailling about the person who was banned and reinstated, I think you know him 

Eh? I don't think you can take all the credit for that actually!  🙄

csgohan4

dunstonh said:

Without a doubt one of the best threads we've ever had on MSE and all this talk of FSCS raises a wry smile - given posts #4 and #5. This contemporaneous narrative of a financial car crash is why forums are so good, and hopefully instructive.

Although MSE was found wanting in this respect as it generally deleted LC&F threads and even banned some people because of it.   Whilst allowing a poster who has gone very quiet or changed login name to continue posting a self-declared MSE guide to investing in LC&F. Effectively promoting it.

Took the words out of my mouth. I was worried the ban hammer was going to come for me if I mentioned it

jimjames

Bionicbelly said:

However, what put me off is the fact they appear to have changed their name a number if times over the past 4 years or so - not a trait I would expect from such a company. Their latest accounts does not fill me with confidence either which appears to indicate very little in the way of cash.

It makes interesting reading to look at some of the earlier posts in the thread. Even in 2016 the info was there for anyone doing their due diligence - although I'm fully aware that the sales tactics of Surge financial to promote these bonds would have precluded that action for most of the people they sold bonds to. 

As already mentioned it's tragic that your mother was sold these but the company that sold them were scammers and have no moral compass so it's a forlorn hope to expect any remorse. Some others who posted on here happily stated that they were going ahead with the investment regardless of the risks that were outlined, it seems wrong that they are compensated in the same way as victims such as her.

Such as this one

Sledger said:

A previous comment made here states that LCF record on interest for the last 3 years is sound. I have just received my due interest and assuming this trend continues, after 3 years I will have received 24% back in interest l(less tax) reducing a 100% capital risk loss as stated elsewhere on this forum.. Assuming typical interests earned elsewhere are 1%+ compared to LCF 8% were frozen, and LCF continued in business, the break even risk free point to recoup my capital is about 15-16 years (Ignoring Interest compounding and after Tax) . its then interest $$$$$$$ plain sailing from there on with the " secured" capital being returned as a bonus. Any legitimate business wants to succeed and grow and the fundamentals . of matching lenders with investors. and get a operating margin seems sound. and LCF appear to be growing as per their expectations. The hard bit to accept here is our conditioning to anybody offering high interest way above the norm sets up alarm bells and caution. I am remaining positive with LCF and have taken that risk

GDB2222

Malthusian said:

GDB's post above is out of date - the Government has announced that all LCF investors will receive compensation from the taxpayer, with any compensation they have already received from the FSCS deducted.

Excellent news. I had not heard that, and thanks for correcting me.  Worth repeating.

Alexland

GDB2222 said:

Excellent news. I had not heard that, and thanks for correcting me.  Worth repeating.

It would be better for the taxpayer if the government were compensating people by recovering assets from those that took the money and were responsible for the regulatory failings...

dunstonh

Alexland said:

GDB2222 said:

Excellent news. I had not heard that, and thanks for correcting me.  Worth repeating.

It would be better for the taxpayer if the government were compensating people by recovering assets from those that took the money and were responsible for the regulatory failings...

Police time is better served helping people block motorways it appears.