FSCS increases rate of issuing decisions to London Capital & Finance customers

Maria Nikolova

The Compensation Scheme has now issued 844 decisions and paid out over £13.5 million in compensation to customers of London Capital & Finance.

The UK Financial Services Compensation Scheme (FSCS) has just provided an update to customers of London Capital & Finance plc (LCF).

The Scheme has increased the rate at which it is issuing decisions to LCF customers. It has now issued 844 decisions and paid out over £13.5 million in compensation, and it expects the volume of decisions to increase further in the coming months.

The specialist team FSCS set up to review these claims are continuing to analyse all the evidence collected. This includes telephone call recordings, emails, records within LCF’s customer database, and an additional 100,000 emails FSCS gained access to last month.

As FSCS mentioned in its last update, assessing the additional information means the Scheme will not complete this process in September as it had expected. But, as FSCS understands more about these claims, it will aim to provide a more definite timescale as soon as it can.

In June this year, the UK Financial Reporting Council (FRC) confirmed that it had commenced three investigations into the audits of London Capital & Finance plc. The investigations will cover the audits for the one month period ended 30 April 2015 (carried out by Oliver Clive & Co.), the year ended 30 April 2016 (carried out by PwC) and the year ended 30 April 2017 (carried out by EY).

The probe will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

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