8% ISA with London Capital and Finance PLC

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Ja_n
Ja_n Posts: 4 Newbie
in Savings & investments
Saw this today and wondered about it as it says - Please note that the products are not authorised by the Financial Conduct Authority and not protected by the Financial Services Compensation Scheme. has anyone else seen it?
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  • MK62
    MK62 Posts: 1,451 Forumite
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    I'd be very careful if I were you.....

    The key is "unregulated" and "not protected"......
  • ColdIron
    ColdIron Posts: 9,144 Forumite
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    It comes up depressingly often here. It's an investment product, not a cash deposit account if that's what you thought it was. As it is not protected by the FSCS there is the potential for 100% loss of capital. Up to you
  • dunstonh
    dunstonh Posts: 116,568 Forumite
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    has anyone else seen it?

    Yes. Usually mentioned on this site once or twice a week and the answer is no different each time.

    It is an unregulated high risk investment with no FSCS protection. It isnt even a retail investment product. It has 100% loss potential.

    It is what it is meant to be but because LC&F pay commission to referrers, you tend to find dodgy sites promote it as a savings account.

    You are only likely to come across on dodgy websites.
    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.
  • Lungboy
    Lungboy Posts: 1,953 Forumite
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    dunstonh wrote: »
    You are only likely to come across on dodgy websites.

    I've seen it advertised on Facebook not too long ago.
  • dunstonh
    dunstonh Posts: 116,568 Forumite
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    Lungboy wrote: »
    I've seen it advertised on Facebook not too long ago.

    Case proven ;)
    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.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Lungboy wrote: »
    I've seen it advertised on Facebook not too long ago.


    Facebook also host complete and utter scam adverts that make this one look like a paragon of financial certitude.



    Wake up.
  • Lungboy
    Lungboy Posts: 1,953 Forumite
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    edited 4 June 2018 at 11:11PM
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    Oh I'm fully aware of that, I was just pointing out that LC&F advertise on a decidedly mainstream social media platform, which could be why unsuspecting people keep running into them and then posting here. I wasn't meaning to suggest that they were legitimate because they advertise on Facebook, that would be daft.
  • jimjames
    jimjames Posts: 17,665 Forumite
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    Lungboy wrote: »
    I've seen it advertised on Facebook not too long ago.

    I think I've now been blocked from commenting on these products. I take that as a success but it's also sad that they feel the need to hide from facts about what they're offering
    Remember the saying: if it looks too good to be true it almost certainly is.
  • jimjames
    jimjames Posts: 17,665 Forumite
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    Lungboy wrote: »
    Oh I'm fully aware of that, I was just pointing out that LC&F advertise on a decidedly mainstream social media platform, which could be why unsuspecting people keep running into them and then posting here. I wasn't meaning to suggest that they were legitimate because they advertise on Facebook, that would be daft.

    I'd certainly recommend anyone who views the adverts on Facebook to report them to ASA. If enough people do so then they may finally take some action. This post is yet another example of people seeing adverts that are unsuitable for savers with no intention of investing
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Alexland
    Alexland Posts: 9,668 Forumite
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    Given they are required to market these products to only sophisticated investors I struggle to understand how they get away with the methods they are using.
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