London Capital and Finance: Insolvency

(asked on 2nd February 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the report of the Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc by Dame Elizabeth Gloster, published in November 2020, whether the 11,625 London Capital & Finance bondholders will be offered compensation for their losses.


Answered by
John Glen Portrait
John Glen
Economic Secretary (HM Treasury)
This question was answered on 4th February 2021

I refer the Honourable Member to my answer given on 28 January to PQ UIN 143081. The Written Ministerial Statement of 17 December 2020 set out 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.

The Written Ministerial Statement also set out 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 in due course.

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Recent Documents related to London Capital and Finance: Insolvency

1. London Capital & Finance Plc bondholder compensation
24/02/2021 - Early Day Motions

Found: the significant losses of the 11,625 London Capital & Finance Plc (LC&F) bondholders who invested about

2. London Capital & Finance Compensation scheme
19/04/2021 - HM Treasury
- View source

Found: London Capital & Finance Compensation scheme The London Capital and Finance Compensation Scheme

3. Briefing paper on the Bill
27/05/2021 - Bill Documents

Found: 9216, 27 May 2021 Compensation (London Capital and Finance and Fraud Compensation Fund) Bill 2021

4. London Capital & Finance Compensation scheme
19/04/2021 - HM Treasury
- View source

Found: Ministerial Statement London Capital & Finance On 17 December 2020 in a Written Ministerial Statement

5. Bill 009 EN 2021-22
12/05/2021 - Bill Documents

Found: Bill 9ŒEN 58/ 2 COMPENSATION (LONDON CAPTIAL & FINANCE PLC AND FRAUD COMPENSATION FUND) BILL EXPLANATORY

Latest Documents
Recent Speeches related to London Capital and Finance: Insolvency

1. Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill
08/06/2021 - Commons Chamber

1: is to try to ensure that the system of regulation and financial investment is suitably robust, so that - Speech Link
2: because of Dame Elizabeth Gloster’s excoriating report into the capacity of the Financial Conduct Authority - Speech Link
3: acceptance by the FCA of all the findings in Dame Elizabeth Gloster’s report. More particularly there is - Speech Link

2. Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill
22/09/2021 - Commons Chamber

1: impact of the payment of compensation to the customers of London Capital & Finance plc under this section, - Speech Link

3. Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill
19/10/2021 - Lords Chamber

1: Government’s role is to ensure that the system of regulation is suitably robust, so that individuals are treated - Speech Link

4. Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill (Second sitting)
15/06/2021 - Public Bill Committees

1: Before they sit down, they will need to indicate whether they wish to withdraw the amendment or seek a decision - Speech Link
2: impact of the payment of compensation to the customers of London Capital & Finance plc and that, in the light - Speech Link
3: impact of the payment of compensation to the customers of London Capital & Finance plc under this section, - Speech Link

5. Financial Services Update
17/12/2020 - Written Statements

1: On 24 November, in a written ministerial statement (WMS) (HCWS595), I committed to working with the - Speech Link

Latest Speeches
Recent Questions related to London Capital and Finance: Insolvency
1. London Capital and Finance Investigation
asked by: John Spellar
15/12/2020
... when he plans to publish the report by Dame Elizabeth Gloster on London Capital and Finance.

2. London Capital and Finance: Compensation
asked by: Paul Blomfield
19/01/2021
... what the eligibility criteria will be for further compensation for former London Capital and Finance bondholders.

3. London Capital and Finance: Compensation
asked by: John McNally
01/07/2021
... if he will take steps to ensure that all LCF bondholders will be compensated.

4. London Capital and Finance: Compensation
asked by: Desmond Swayne
26/03/2019
... if he will compensate investors for losses at London Capital and Finance.

5. London Capital and Finance
asked by: Jon Trickett
09/05/2019
... what role his Department will play in the investigation announced by the Economic Secretary on 1 April 2019 into the events at London Capital & Finance and the circumstances surrounding them.

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