Over 4,390 clients of London Capital & Finance complete FSCS’s questionnaire in one week

Maria Nikolova

More than 4,390 clients of London Capital & Finance completed FSCS’s fact-finding questionnaire in the first week it was posted.

The UK Financial Services Compensation Scheme (FSCS) has just provided an update on the matter regarding London Capital & Finance.

More than 4,390 clients of London Capital & Finance completed FSCS’s fact-finding questionnaire in the first week it was posted.

The Scheme would like to encourage even more LCF clients to complete the questionnaire as it will enable FSCS to build a better picture of the nature and extent of potentially misleading advice that they may have received. The Scheme notes that the information gathered through this process is purely to help it better understand the individual circumstances of investors, and the number of customers who may have been impacted.

Should there be grounds for compensation and FSCS starts accepting claims, information given in the questionnaire by LCF clients will not prejudice their claim.

Investors who come direct to FSCS will pay no charge, as FSCS is a completely free service.

On June 28, 2019, the Scheme provided a bit of positive news to investors saying its investigation into LCF leads it to believe that there are protected claims, which may result in compensation for some of its investors.

“Following an extensive review of LCF’S business practices, we believe that Surge Financial Ltd, acting on behalf of LCF, provided a number of LCF clients with misleading advice. As this is a regulated activity, it means that FSCS protection would be triggered and that there may therefore be a number of customers with eligible claims for compensation”, FSCS said back then.

FSCS, which had initially stated that it would not accept claims from LCF clients, has changed its stance since. In its update issued on May 31, 2019, FSCS said that, over the last few weeks it has been reviewing whether there may be grounds for compensation. This work is focused on the relationship between LCF and Surge Financial Ltd and the extent to which either company may have been carrying out regulated advising, arranging or other activities that could give rise to an eligible claim for compensation.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<