LC&F -- Help! 😢

Silly_Shirl

Thanks everyone.
A lesson learned the hard way!
Oh well... I never really lose, I win or I learn. 😬

Alexland

ICICI might have FSCS protection but it might be a worry and delay getting access to your money if they failed. At the very least split your money again and have at least 6 months of cash in a well known trusted UK financial institution.

Alex

Rheumatoid

Alexland wrote: »

ICICI At the very least split your money again and have at least 6 months of cash in a well known trusted UK financial institution.

Alex

Or even Marcus

Alexland

Rheumatoid wrote: »

Or even Marcus

I wouldn't even trust Goldman Sachs to respect my old mother's chastity given their ruthless past.

Alex

Rheumatoid

Alexland wrote: »

I wouldn't even trust Goldman Sachs to respect my old mother's chastity given their ruthless past.

Alex

No, better some fine upstanding British institution like northern rock

Silly_Shirl

Isn't Blackmore bonds the same people, doing the same thing?

dunstonh

Silly_Shirl wrote: »

Isn't Blackmore bonds the same people, doing the same thing?

We dont know specifically what LC&F are doing. So, cant say. However, what we do know is that Blackmore were advertising their loan notes in a similar way to LC&F and in breach of FCA regulations.

David_Evans

Silly_Shirl wrote: »

Isn't Blackmore bonds the same people, doing the same thing?

I've just had a look at the Blackmore website.
It's not a company I've ever heard of.
It doesn't really say what happens to your money - is Blackmore the actual building company?

But to be fair - they do give A LOT of warnings that it is a risky investment.
And they do advise going through an IFA etc.

It is certainly not being marketed to retail investors (at the moment, anyway).

If I was bullish on the UK building sector - I'd just invest in listed well known house builders.

fwor

David_Evans wrote: »

It is certainly not being marketed to retail investors

It certainly IS being marketed to retail investors, in exactly the same way that the LCF bonds were - not by the company itself, but by supposedly independent savings comparison websites.

If you (as a retail investor) want to find the best rate ISA you can get, then Google will point you at a website with "top ISA rates" in its name that will promote Blackmore bonds to you - described as a Fixed rate ISA with a 5-year term with an interest rate of 8.5%.

There is no mention of the additional risks that Blackmore involves on the "comparison" site, and for example the Virgin Money cash ISA appears further down the list that you see, as if to suggest that they are comparable.

This type of promotion has been going on for years now.

Silly_Shirl

Yes, with a big green tick, on the 'secured' column, that makes dummies like me think it's safe:mad: