London Capital and Finance

Malthusian

Sledger wrote: »

The LCF accounts due yesterday 17 January 2019 would have been for 26 April 2018 portraying 8 month old historic data. Correct me if I am wrong. but one assumes these 8 month historic accounts would have already been prepared and "Audited" ready to be filed at Companies House yesterday.

You are correct.

Would the recent FCA intervention restrict LCF from filing these historic accounts on Companies House showing LCF figures before the FCA intervention

I really can't see how. The investigation would likely interfere with the audit process, however, LCF had already had c. 8 months in between the company year end and the FCA entering the building. In fact it should already have filed accounts two months before the FCA investigation started - but it used the loophole in the Companies Act.

or is it more likely {text removed by MSE Forum Team} never prepared them but forgot to file another delay tactic

Lights are on but no-one's home, ladies and gents, Elvis has left the building.

That said, it can take a week for documents to actually appear on Companies House.

billyolly

Several people on Facebook claim they have contacted the FSCS and have letters saying the money is safe ,also people have been into the company office and it’s still open.
As I previously stated I am not on Facebook and this is second hand information,has anyone looked at the site to see if it checks out?

bail-in

The following article link writes about the FCA instructions to p2p platforms to not or no longer engage in wholesale lending as it is too risky for private individuals investing in companies through p2p. I would imagine that it is also too risky for private individuals to invest in commercial lending companies offering investment bonds directly to the public if those lending companies are wholesale lenders not direct lenders. Direct lending is a form of corporate debt provision in which lenders other than banks make loans to companies without intermediaries such as an investment bank, a broker or a private equity firm. LCF describes itself as a direct lender not a broker, the reason why its membership of the commercial lenders brokers association (NACFB) was withdrawn. It also does not describe itself as a wholesale lender. Following the FCA advice above to regulated P2P, I would imagine the same would apply to commercial lenders borrowing from individual consumers, investors if it was regulated. However, regulated or unregulated, a commercial lender borrowing from private investors and engaging in wholesale lending, as opposed to lending directly to corporate borrowers, may well be too risky for private investors. Perhaps this is part of the reason for the FCA investigaton.

https://www.thisismoney.co.uk/money/news/article-4191998/Peer-peer-lending-risky-private-individuals.html

bail-in

billyolly wrote: »

Several people on Facebook claim they have contacted the FSCS and have letters saying the money is safe ,also people have been into the company office and it’s still open. As I previously stated I am not on Facebook and this is second hand information,has anyone looked at the site to see if it checks out?

It is the FCA that is the regulator not the FSCS and as the FCA have not publicly stated a finding that the money is safe I do not see how the FSCS can do so.

masonic

billyolly wrote: »

Several people on Facebook claim they have contacted the FSCS and have letters saying the money is safe ,also people have been into the company office and it’s still open.
As I previously stated I am not on Facebook and this is second hand information,has anyone looked at the site to see if it checks out?

I have not joined any facebook group and it would probably be inappropriate for me to do so as I have no investment in these bonds, but it would certainly be interesting to have sight of such letters. They would not carry any weighting though, as the letters have either been misinterpreted, the FSCS is mistaken, or the FSCS has based its assessment on incorrect information supplied by these people. The role of the FSCS in safeguarding regulated financial services is set out in Part XV of the FSMA 2000 and they are merely managers of the compensation scheme. As bail-in points out, the FCA (and PRA) establish and set the scheme rules. The FCA has required LCF to include the regulatory statement that FSCS protection does not apply to these investments.

There is no reason to think LCF is not currently being run as a going concern, again no statement suggesting it is currently insolvent has been made, and the freezing order will prevent such a situation happening for as long as it remains in force.

Sledger

I obtained POST 1 below from one of the LCF bondholders posting. and sent it to FSCS and FCA for verification as POST 2 and just got POST 3

POST 1)
Thank you or your recent email.

I can confirm that London Capital & Finance (FRN: 722603) is still currently authorised by the Financial Conduct Authority to provide financial services/products.

The protection limit with the FSCS is £50,000 per person, per firm.

The firm must be declared in default and must of been authorised by the Financial Conduct Authority at the time the business was conducted with them in order for the FSCS to consider a claim against it.

Kind regards

D******e

Customer service team

Financial Services Compensation Scheme



POST 2

Hi there

I am a Mini Bond holder with London Capital and Finance and have joined a bondholders facebook action group

A member of our group just posted the below response in red italics (THE ABOVE POST in 1) from you so can you please confirm the contents are indeed correct as there is a lot of contradiction re FSCS protection and FCA control when looking elsewhere

I have copied in FCA who are currently investigating LC&F so we are of the same understanding as I understand they are not of the same opinion.

Regards retired Police frogman


POST 3
Enquiries <enquiries@fscs.org.uk>
Fri 18/01/2019, 12:13
You


Good afternoon,

Thanks for your recent email.

Yes, this is correct.

Also with regards to the mini bonds, these are not regulated products and in the event of the firm failing FSCS protection would not apply to these.

If you have any further questions please contact the Customer Service Team by telephone on 0800 678 1100 or on +44 20 7741 4100 from overseas.

Kind regards

D^^^^^^^^
Customer service team

I saw another FSCS posting on LCF bondholders that 50k for bonds and 82?K fur issa but cant find it so a lot of confusion.so will try more digging down the numerous reply strings


My Bond DOES not state minibond but states "Series 5 8% SECURED bond"

Jelli

I think all the products LCF offered have been like that. Sometimes they're described as bonds and sometimes as mini bonds, depending on the documents and web pages. On my dashboard they're called mini bonds and ISAs, but remember seeing the word 'bonds' in isolation many, many times. Check the PDFs.

jimjames

Jelli wrote: »

I think all the products LCF offered have been like that. Sometimes they're described as bonds and sometimes as mini bonds, depending on the documents and web pages. On my dashboard they're called mini bonds and ISAs, but remember seeing the word 'bonds' in isolation many, many times. Check the PDFs.

It really doesn't matter what they are called, either way they are an unregulated investment that is not FSCS covered as is made clear on the LCF website under FAQs.

Bear in mind that anyone in the FSCS call centre is reading from a script or looking at the FCA records. It doesn't mean that FSCS protection applies to every product that a FCA regulated company offers and LCF were regulated for their loan business.

Having said that, my S&S ISA is FSCS protected but it doesn't mean my investment is safe, it can still go down in value, it just means you have certain protection against fraud & insolvency.

Sledger

Well Jeli if you think there is no Justice with authorities chasing funds you are entirely wrong but doubt its going to help us

I got this e mail yesterday from NZ Justice Department.


According to our records you have missed the deadline to pay your fine/s.
The vast majority of people pay their fines. You are in the small minority that still has to pay.
Please pay within 10 days. If you do not pay we can take further actions to collect the outstanding amount.
This would add a $102 fee to your fine and the following things can happen:

* Suspend your driver licence or clamp your car
* Stop you travelling overseas
* Take money from your income or bank account
* You may not be able to get a loan, credit card or hire purchase

OFFENCE
2013 I left NZ and was selling my car and a couple of people test drove it.. There was a speeding ticket and a picture of my rego from the rear of the car. I asked the police for a front picture to identify the driver as I held the license when they drove it as security. The police could not give me a picture and even had I checked the time of the driver when he gave me his license to match the speeding fine that driver could just deny it without a photograph, I appealed and lost being the registered keeper.

So 5 1/2 years on they are still chasing me and will get arrested at immigration n arrival if I go back.


Moral - Here you can freely deceive and swindle millions as you know you have a free reign as there is nobody in authority preventing it.


Not linked to this forum but thought I would share that with you.


I have just had a lengthy chat with FSCS and am feeling even worse and our system sucks where all I get is " I can sympathise" I think we need your Nijas

Jelli

I've been removed from that positive Facebook group for some reason. My posts were no different to what I've done here on MSE.