London Capital and Finance
Discussion
More news from FCA for investors in London Capital and Finance mini-bond. In addition to withdrawing advertising materials for the bond ISA the FCA will be investigating their finances and assets. Perhaps has something to do with their late filing of Annual Accounts and complaints about misleading advertising.
https://www.fca.org.uk/news/news-stories/informati...
https://www.fca.org.uk/news/news-stories/informati...
bailin said:
More news from FCA for investors in London Capital and Finance mini-bond. In addition to withdrawing advertising materials for the bond ISA the FCA will be investigating their finances and assets. Perhaps has something to do with their late filing of Annual Accounts and complaints about misleading advertising.
https://www.fca.org.uk/news/news-stories/informati...
That is FCA Speak for 'we are shutting them down'. Anyone here who is invested should get their money out before Special Administration commences IMHO.https://www.fca.org.uk/news/news-stories/informati...
And from their website as from 27/12:
The Financial Conduct Authority has directed London Capital & Finance plc to withdraw all of its existing marketing materials in relation to LCF`s Fixed Rate ISA and Bond....
In the meantime, LCF is unfortunately unable to make any further loans to borrowers at present, or to make payments of principal or interest to bondholders.
The Financial Conduct Authority has directed London Capital & Finance plc to withdraw all of its existing marketing materials in relation to LCF`s Fixed Rate ISA and Bond....
In the meantime, LCF is unfortunately unable to make any further loans to borrowers at present, or to make payments of principal or interest to bondholders.
creampuff said:
And from their website as from 27/12:
The Financial Conduct Authority has directed London Capital & Finance plc to withdraw all of its existing marketing materials in relation to LCF`s Fixed Rate ISA and Bond....
In the meantime, LCF is unfortunately unable to make any further loans to borrowers at present, or to make payments of principal or interest to bondholders.
And there you have it. The assets have been frozen and special administrators are being lined up. My money is on Smith & Williamson, KPMG or both.The Financial Conduct Authority has directed London Capital & Finance plc to withdraw all of its existing marketing materials in relation to LCF`s Fixed Rate ISA and Bond....
In the meantime, LCF is unfortunately unable to make any further loans to borrowers at present, or to make payments of principal or interest to bondholders.
I hope PHers reading this managed to get their money out last Friday or Monday whilst they still could.
It's looking worse for anyone that invested money with them.
From the thread linked above it appears that the lending was done to companies run by the directors of LCF which explains why no adverts for their loans were shown. Quite a lot of companies owned by companies lending to others. The main director has 40 different companies shown
https://damn-lies-and-statistics.blogspot.com/2019...
From the thread linked above it appears that the lending was done to companies run by the directors of LCF which explains why no adverts for their loans were shown. Quite a lot of companies owned by companies lending to others. The main director has 40 different companies shown
https://damn-lies-and-statistics.blogspot.com/2019...
996driver said:
It's looking worse for anyone that invested money with them.
From the thread linked above it appears that the lending was done to companies run by the directors of LCF which explains why no adverts for their loans were shown. Quite a lot of companies owned by companies lending to others. The main director has 40 different companies shown
https://damn-lies-and-statistics.blogspot.com/2019...
From the thread linked above it appears that the lending was done to companies run by the directors of LCF which explains why no adverts for their loans were shown. Quite a lot of companies owned by companies lending to others. The main director has 40 different companies shown
https://damn-lies-and-statistics.blogspot.com/2019...
JulianPH said:
You are making the assumption that they actually have any commercial borrowers (other than connected companies)! 
I did say this... https://www.energyvoice.com/oilandgas/north-sea/18...
LCF lend to director related companies which lend the funds directly to corporate borrowers, as in the case above LCF lends to London Oil and Gas which lends to Independent Oil. So at least one commercial borrower has been disclosed. The LCF officers say it is a direct lender and the loan funds are not relent. It appears they are relent after first being sent to various drector related companies to LCF. This relending could be a serious breach of trust, entitling the LCF bondholders to immediate return of all capital and interest.
LCF lend to director related companies which lend the funds directly to corporate borrowers, as in the case above LCF lends to London Oil and Gas which lends to Independent Oil. So at least one commercial borrower has been disclosed. The LCF officers say it is a direct lender and the loan funds are not relent. It appears they are relent after first being sent to various drector related companies to LCF. This relending could be a serious breach of trust, entitling the LCF bondholders to immediate return of all capital and interest.
996driver said:
It's looking worse for anyone that invested money with them.
From the thread linked above it appears that the lending was done to companies run by the directors of LCF which explains why no adverts for their loans were shown. Quite a lot of companies owned by companies lending to others. The main director has 40 different companies shown
https://damn-lies-and-statistics.blogspot.com/2019...
A similar example appears to have been Strand Capital, which was owned by, and invested in, Optima Worldwide Group. The administrator’s reports make for fascinating, and depressing, reading. From the thread linked above it appears that the lending was done to companies run by the directors of LCF which explains why no adverts for their loans were shown. Quite a lot of companies owned by companies lending to others. The main director has 40 different companies shown
https://damn-lies-and-statistics.blogspot.com/2019...
bailin said:
https://www.energyvoice.com/oilandgas/north-sea/18...
LCF lend to director related companies which lend the funds directly to corporate borrowers, as in the case above LCF lends to London Oil and Gas which lends to Independent Oil. So at least one commercial borrower has been disclosed. The LCF officers say it is a direct lender and the loan funds are not relent. It appears they are relent after first being sent to various drector related companies to LCF. This relending could be a serious breach of trust, entitling the LCF bondholders to immediate return of all capital and interest.
It’s worth remembering that the Regulator has the power to require authorised companies to change their contracts and make good, where they are deemed to be unfair. The guidance (fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015) was amended most recently just before Christmas. UNFCOG refers.LCF lend to director related companies which lend the funds directly to corporate borrowers, as in the case above LCF lends to London Oil and Gas which lends to Independent Oil. So at least one commercial borrower has been disclosed. The LCF officers say it is a direct lender and the loan funds are not relent. It appears they are relent after first being sent to various drector related companies to LCF. This relending could be a serious breach of trust, entitling the LCF bondholders to immediate return of all capital and interest.
https://www.handbook.fca.org.uk/handbook/UNFCOG/1/...
Inevitable really. Very sad for those taken in, as redress is unlikely via FSCS.
https://www.financialplanningtoday.co.uk/index.php...
https://www.financialplanningtoday.co.uk/index.php...
joyless lobotomised parrot said:
Funnily enough my "Ponzi scheme investment" has just dumped the 6 monthly interest payment into my account today. 
This thread's added a bit of gambling spice to it. Will it? Won't it?
Next update Jan/Feb '19 (inshallah)
On 28/01/19 the latest interest payment arrived from the ponzi. Yeeehah!!This thread's added a bit of gambling spice to it. Will it? Won't it?
Next update Jan/Feb '19 (inshallah)
Next - the biggie!
Final interest instalment and capital return due July/Aug!
(will, of course, update if still alive)
Good luck! Fingers crossed.
More of the dreaded mini bonds emerging. When will we ever learn? Stuff like Greyfriars Portfolio 6 had mini bonds (which are unregulated), and still some SIPP providers allowed bad advisers and brokers etc to sell it because, it may be alleged, are are simply too greedy, corrupt or incompetent to do proper due diligence.
‘Opportunities’ by the likes of London & Capital, Greyfriars, Strand Capital etc.. they all supposedly offered the holy grail. According to their own brochure (released by Greyfriars itself), Portfolio Six was a “discretionary managed investment portfolio made up of ‘non-correlated investments’ including corporate bonds. It targeted annual returns of 8-10% per year and had a minimum investment of £10,000 through a SIPP using the Novia platform.”
An example of a mini bond is one for Mexican fast food chain Chilango, which offered a free burrito every week over the fixed 4-year term of the investment, to anyone who invested over £10,000. Madness.
An update by Greyfriars itself shows a number of the mini-bonds which Portfolio Six is comprised of, and *still* some SIPP providers allowed it. The Olmsted Series (real estate in the south east of the United States), Lanner Car Park Bonds, The Resort Group.. it was all there. All open to the public. Yet still some SIPP providers allowed this junk in. There are still far too many bad advisers about, unquestionably, but without the whiff of Common Design or Joint Enterprise and the suggestion that a few patsy SIPP providers were only all too willing to look the other way, the problem remains as wide as it is deep.
https://www.ftadviser.com/your-industry/2019/01/31...
More of the dreaded mini bonds emerging. When will we ever learn? Stuff like Greyfriars Portfolio 6 had mini bonds (which are unregulated), and still some SIPP providers allowed bad advisers and brokers etc to sell it because, it may be alleged, are are simply too greedy, corrupt or incompetent to do proper due diligence.
‘Opportunities’ by the likes of London & Capital, Greyfriars, Strand Capital etc.. they all supposedly offered the holy grail. According to their own brochure (released by Greyfriars itself), Portfolio Six was a “discretionary managed investment portfolio made up of ‘non-correlated investments’ including corporate bonds. It targeted annual returns of 8-10% per year and had a minimum investment of £10,000 through a SIPP using the Novia platform.”
An example of a mini bond is one for Mexican fast food chain Chilango, which offered a free burrito every week over the fixed 4-year term of the investment, to anyone who invested over £10,000. Madness.
An update by Greyfriars itself shows a number of the mini-bonds which Portfolio Six is comprised of, and *still* some SIPP providers allowed it. The Olmsted Series (real estate in the south east of the United States), Lanner Car Park Bonds, The Resort Group.. it was all there. All open to the public. Yet still some SIPP providers allowed this junk in. There are still far too many bad advisers about, unquestionably, but without the whiff of Common Design or Joint Enterprise and the suggestion that a few patsy SIPP providers were only all too willing to look the other way, the problem remains as wide as it is deep.
https://www.ftadviser.com/your-industry/2019/01/31...
Ginge R said:
Good luck! Fingers crossed.
More of the dreaded mini bonds emerging. When will we ever learn? Stuff like Greyfriars Portfolio 6 had mini bonds (which are unregulated), and still some SIPP providers allowed bad advisers and brokers etc to sell it because, it may be alleged, are are simply too greedy, corrupt or incompetent to do proper due diligence.
‘Opportunities’ by the likes of London & Capital, Greyfriars, Strand Capital etc.. they all supposedly offered the holy grail. According to their own brochure (released by Greyfriars itself), Portfolio Six was a “discretionary managed investment portfolio made up of ‘non-correlated investments’ including corporate bonds. It targeted annual returns of 8-10% per year and had a minimum investment of £10,000 through a SIPP using the Novia platform.”
An example of a mini bond is one for Mexican fast food chain Chilango, which offered a free burrito every week over the fixed 4-year term of the investment, to anyone who invested over £10,000. Madness.
An update by Greyfriars itself shows a number of the mini-bonds which Portfolio Six is comprised of, and *still* some SIPP providers allowed it. The Olmsted Series (real estate in the south east of the United States), Lanner Car Park Bonds, The Resort Group.. it was all there. All open to the public. Yet still some SIPP providers allowed this junk in. There are still far too many bad advisers about, unquestionably, but without the whiff of Common Design or Joint Enterprise and the suggestion that a few patsy SIPP providers were only all too willing to look the other way, the problem remains as wide as it is deep.
https://www.ftadviser.com/your-industry/2019/01/31...
2 or 3 vulture funds raised huge sums early last year for the sole purpose of taking control of underperforming minibonds and stripping the assets out. To date none have done a deal as they keep finding a lack of real assets or assets valued in the open market nowhere near their proposed value. More of the dreaded mini bonds emerging. When will we ever learn? Stuff like Greyfriars Portfolio 6 had mini bonds (which are unregulated), and still some SIPP providers allowed bad advisers and brokers etc to sell it because, it may be alleged, are are simply too greedy, corrupt or incompetent to do proper due diligence.
‘Opportunities’ by the likes of London & Capital, Greyfriars, Strand Capital etc.. they all supposedly offered the holy grail. According to their own brochure (released by Greyfriars itself), Portfolio Six was a “discretionary managed investment portfolio made up of ‘non-correlated investments’ including corporate bonds. It targeted annual returns of 8-10% per year and had a minimum investment of £10,000 through a SIPP using the Novia platform.”
An example of a mini bond is one for Mexican fast food chain Chilango, which offered a free burrito every week over the fixed 4-year term of the investment, to anyone who invested over £10,000. Madness.
An update by Greyfriars itself shows a number of the mini-bonds which Portfolio Six is comprised of, and *still* some SIPP providers allowed it. The Olmsted Series (real estate in the south east of the United States), Lanner Car Park Bonds, The Resort Group.. it was all there. All open to the public. Yet still some SIPP providers allowed this junk in. There are still far too many bad advisers about, unquestionably, but without the whiff of Common Design or Joint Enterprise and the suggestion that a few patsy SIPP providers were only all too willing to look the other way, the problem remains as wide as it is deep.
https://www.ftadviser.com/your-industry/2019/01/31...
The problem with low regulation environments is that they will always be a magnet for the professional scammers and fraudsters. The people who have been rinsing minibond punters are the same people who learned their craft spanking penny shares and some of them even date back to the physical FX and futures scams of the 80s.
Jimmy Recard said:
b
hstewie said:
hstewie said: There is someone on the MSE forums who has £61K in with LC&F 
How does someone who would put £61k in this have the wisdom needed to gain £61k?Apart from inheritance or lucky winnings, I suppose
London Capital & Finance: £236m firm collapses
https://www.bbc.co.uk/news/uk-england-47454328
Some awful tales of people losing significant sums. Hopefully they will get something back?
G.
Edited by gmasterfunk on Saturday 9th March 07:04
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