FCA Bans Minibond Marketing After Year Of Scandal

Law360, London (November 26, 2019, 12:17 PM GMT) -- The Financial Conduct Authority said Tuesday it will temporarily ban the mass marketing of speculative minibonds to retail customers after the collapse of a number of companies selling the products, including investment firm London Capital & Finance.

The fall of London Capital & Finance PLC in January left approximately 11,600 savers facing estimated losses of 80% on £236 million ($304 million) in minibonds, and put Britain’s financial watchdog in the spotlight. The company's failure also sparked an investigation by the Serious Fraud Office

The FCA, Britain's financial markets regulator, is using its powers of intervention to introduce the ban from Jan. 1,...

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