London Capital and Finance: Insolvency

(asked on 18th January 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, who will administer the London Capital and Finance compensation scheme.

Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 21st January 2021

In my Written Ministerial Statement on 17 December 2020, I outlined the three main channels through which London Capital & Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.

My statement also announced that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders . The Government will announce further details, including on timescales, the scheme’s administering body, and the eligibility of compensation, in due course.

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