Minibond Provider Closed To New Biz After FCA Steps In

Law360, London (August 21, 2019, 12:41 PM BST) -- Blackmore Bond has closed to new investors after the Financial Conduct Authority contacted the investment company that allowed the unregulated minibond provider with links to scandal-hit London Capital & Finance PLC to do business, the watchdog confirmed Wednesday.

Blackmore is required to use a company authorized by the FCA to promote the higher-risk investments, which cannot be sold before their maturity date and typically offer eye-catching rates of return. (iStock) The closure came after Northern Provident Investments, an authorized company used by Blackmore Bond PLC to approve financial promotions for its unregulated minibonds, stopped approving the firm’s products in March after...

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