London Capital and Finance

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  • raynair
    raynair Posts: 2 Newbie
    I looked at this investment. I called FCA and LCF are registered with them and they a further for me and found their remit as per in the registration. FCA advised me to call FSCS which I did and they confirmed that they are registered with them but the maximum which you claim back if LCF goes down is 50K per person. Since LCf is a PLC it is more dependable. Reviews about LCF on Beefo claims to be all good.
  • dunstonh
    dunstonh Posts: 116,362 Forumite
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    I called FCA and LCF are registered with them

    It doesn't mean the product is. Regulated companies retail things that are not regulated all the time.
    FCA advised me to call FSCS which I did and they confirmed that they are registered with them but the maximum which you claim back if LCF goes down is 50K per person.

    That is with retail investment products. It is not with unregulated direct investments.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Malthusian
    Malthusian Posts: 10,938 Forumite
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    raynair wrote: »
    I looked at this investment. I called FCA and LCF are registered with them and they a further for me and found their remit as per in the registration. FCA advised me to call FSCS which I did and they confirmed that they are registered with them but the maximum which you claim back if LCF goes down is 50K per person.

    LCF offer unsecured loan notes so in the event they default you will get nothing from the FSCS.
    Since LCf is a PLC it is more dependable.

    Nonsense. Where did you get that idea?
    Reviews about LCF on Beefo claims to be all good.

    Who?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    raynair wrote: »
    FCA advised me to call FSCS which I did and they confirmed that they are registered with them but the maximum which you claim back if LCF goes down is 50K per person. .

    Thats if the company fails. If the bond fails you get nada
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    AnotherJoe wrote: »
    Thats if the company fails. If the bond fails you get nada

    Exactly; perhaps more importantly if the company does go bust you are only going to have a claim if you were provided with a regulated service , not (as dunstonh says) for unregulated activities.

    If their permissions are "credit broking" because they arrange for their money to be loaned out, that's not a regulated service you bought, that's something they did for a borrower of theirs. Its nothing to do with YOU lending THEM money.

    Where the scope of their permissions includes advising on investments, but you didn't buy any investment advice from them (ie you just lent them money), good luck claiming that they sold you unsuitable advice and getting a judgement against them that they owe you money because of the poor quality of advice, and therefore getting something back from FSCS when they go bust in place of getting it directly from them. You won't be getting anything for your mis-sale because they didn't advise you to buy. You lent them money by buying their bond.
  • Reaper
    Reaper Posts: 7,280 Forumite
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    raynair wrote: »
    Reviews about LCF on Beefo claims to be all good.
    Malthusian wrote: »
    Who?
    I think they mean "Feefo", a review site apparently.

    I looked at some of the reviews but they are just based on how it was to set it up and whether the first few payments have been made. I'm not sure how many of them really understand the product when they say things like:
    "Recommended in preference to all savings accounts if you can cope with the fixed term"
  • badger09
    badger09 Posts: 11,206 Forumite
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    Move over bowlhead99.

    bail-in has taken your 'longest posts' crown.

    On a more positive note, they are now legible:T
  • TrustyOven
    TrustyOven Posts: 746 Forumite
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    badger09 wrote: »
    Move over bowlhead99.

    bail-in has taken your 'longest posts' crown.

    On a more positive note, they are now legible:T

    But it looks like a copy-paste from some other source.

    Bowlhead99's responses are not; they seem personalised and with great care, time and effort apprears to have been placed in creating them.
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  • raynair
    raynair Posts: 2 Newbie
    Thank you for your in -depth explanation.WoW you sure know your stuff. As I am not that financially astute, would you/one of you call the FCA and the FSCS and enquire as to what activities they have registered for etc as you would have the right questions to ask. AS I said before i talked to them but came out convinced..
    The next company I looked at is Blackmore..any comments
  • AndyT678
    AndyT678 Posts: 757 Forumite
    First Anniversary Combo Breaker
    raynair wrote: »
    Thank you for your in -depth explanation.WoW you sure know your stuff. As I am not that financially astute, would you/one of you call the FCA and the FSCS and enquire as to what activities they have registered for etc as you would have the right questions to ask. AS I said before i talked to them but came out convinced..
    The next company I looked at is Blackmore..any comments

    It's the same thing. It is NOT a savings account, it even says so on the homepage, "Capital at risk. Illiquid, non-transferable, not covered by FSCS". If you're a high net worth, sophisticated investor looking for a high risk, unregulated investment with a chance of losing all your money and with a return capped at a maximum of <10% then these are appropriate.

    If you want a savings account; go to a bank / building society.
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