UK Compensation Scheme Offers Hope In Mini-Bonds Scandal

Law360, London (June 28, 2019, 5:03 PM BST) -- Some victims of London Capital & Finance PLC, a failed bonds provider, could be entitled to compensation because they were given misleading advice when they invested in unregulated mini-bonds, a bankruptcy compensation scheme said Friday.

The Financial Services Compensation Scheme said it has found that Surge Financial Ltd., a financial marketing company that acted on behalf of LC&F, gave some clients misleading advice. Thousands of savers lost their money when the company collapsed in January, prompting concern about the sale of risky unregulated debt securities known as mini-bonds.

Britain’s financial lifeboat has been investigating whether more than 11,000 customers of LC&F, which made £236...

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