London Capital and Finance

jimjames

bail-in wrote: »

The description "uneducated, rough talking" applies to who? Names please. Certainly does not apply to the directors of LC&F who are, at least in my limited conversational experience and reading their CVs, are polite, hard working, well-educated and well spoken, as I am

These ones look like they might meet your descriptions from their previous work history. There may be others who don't though

https://damn-lies-and-statistics.blogspot.com/2019/01/people-behind-london-capital-finance.html

bail-in

Some statements as to what Smith and Williamson will be doing re their work with London Capital and Finance officers in relation to creditors.

https://smithandwilliamson.com/en/business/services/restructuring-and-recovery-services/corporate-insolvency

Catrina777

Why do you never see mini bonds advertised as such: presumably because they're not highly rated. has led to a great deal of confusion in this case. I have been checking ads for 'bonds' and Avantiswealth sells unregulated products that can be wrapped into an ISA.

Malthusian

Catrina777 wrote: »

Why do you never see mini bonds advertised as such: presumably because they're not highly rated. has led to a great deal of confusion in this case.

The word "minibond" has been pejorative since at least 2015 when the Guardian ran an article with the headline "If you see something promoted as a minibond, bin it!" after the collapse of Secured Energy Bonds.

I have been checking ads for 'bonds' and Avantiswealth sells unregulated products that can be wrapped into an ISA.

The Amazon reviews for a book written by the director of Avantis Wealth are revealing.

Reaper

Catrina777 wrote: »

Why do you never see mini bonds advertised as such: presumably because they're not highly rated. has led to a great deal of confusion in this case. I have been checking ads for 'bonds' and Avantiswealth sells unregulated products that can be wrapped into an ISA.

"Bonds" is a word I hate. It has a specific meaning for investments but sadly it has been so misused by banks for fixed term savings accounts it no longer rings alarm bells for unsophisticated investors.
"Mini-bonds" however might prompt questions so they avoid it.

Avantis Wealth are not meant to advertise directly to investors as they are not regulated. They believe they can skirt round this by putting this phrase on their home page "As a sophisticated or high net worth investor, Avantis Wealth helps you gain access to opportunities normally reserved for larger investors and institutions. "

Then they claim on this page that gives them a Section 21 exemption.
https://avantiswealth.com/notice-to-investors/
The trouble is I believe they have to establish the investor is sophisticated or high net worth BEFORE advertising to them so (in my opinion) one line on the home page and the full details buried on a hard to find page of their web site does not meet the requirement.

However I am no expert on the rules so feel free to correct me if anyone disagrees.

Catrina777

I wonder if lcf wish they had never bothered to become FCA regulated but I expect them they couldn't have fiddled the promotion of an ISA

masonic

Catrina777 wrote: »

I wonder if lcf wish they had never bothered to become FCA regulated but I expect them they couldn't have fiddled the promotion of an ISA

It was necessary for them to become FCA authorised because the loans they made to other businesses were a regulated activity.

It was the promotion of the bonds in conjunction with drawing attention to their authorisation status that was what got the FCA interested (2 years after it was brought to their attention).

A lot of people would not have invested if they didn't believe they were dealing with a regulated firm. I am sure this was a calculated risk they took. The impact of which might not be that severe. They've made tens of millions promoting these products. How much profit would they have settled for to have considered what they did worthwhile?

Botheredin

It would appear that the 20 businesses started by the Surge founder / s have a sketchy history also

https://www.leagle.com/decision/infdco20130627a86

https://www.consumeractiongroup.co.uk/forum/showthread.php?395012-Legalcare-co-uk-Court-Claim-**Settled-at-Mediation**/page4

System

Is this criminal or not? If it is, why isnt anyone prosecuting anyone? And why hasn't {text removed by MSE Forum Team} of the fca been notified as per {text removed by MSE Forum Team} post.?

Alexland

jimjames wrote: »

Looks like the alarm was raised on LCF even earlier than originally thought. An IFA reported them to FCA back in 2015 according to the Evening Standard

There are enough people going to lose from these dubious mini bonds that an increasing number of people must be asking why we have a regulator who only wants to get involved in the less scammy aspects of financial services. Surely there should be regulation of all financial services with a lighter touch on those that present less risk?

Alex