FCA censures London Capital & Finance over misleading promos
By 
Kyle Brasseur2023-10-11T18:57:00
Insolvent credit broker London Capital & Finance (LCF) dodged a “substantial financial penalty” from the U.K. Financial Conduct Authority (FCA) regarding promotions it used to market minibonds to investors.
The FCA censured the firm for its “unfair and misleading” promos, the regulator announced in a press release Wednesday. Because LCF has been in administration since 2019 and its funds are being focused toward restoring bondholder creditors, the FCA opted not to fine the firm.
But the regulator criticized the firm for its “serious failings” that harmed more than 11,000 investors. The FCA said LCF would have owed restitution of about 237 million pounds (U.S. $291 million) had it been ordered to pay.
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