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Institutional FX

FSCS Warns against Fraudsters Targeting LCF Victims

  • Fraudsters are sending letters to LCF victims impersonating FSCS.
  • FSCS closed the LCF compensation scheme on 31 October 2022.
Wednesday, 30/08/2023 | 09:11 GMT by Arnab Shome
Retail FX

FCA Sees Rising Costs of Compensation Scheme, Looks for Improvements

  • FSCS's increasing costs have begun to worry financial industry representatives.
  • The UK regulator makes another step in the compensation framework upgrade.
Wednesday, 14/12/2022 | 13:06 GMT by Damian Chmiel
Institutional FX

Vector Wealth Ltd Enters Administration over Its ‘Absolute Return Forex Bond'

  • James Alexander Snowdon and Michael Colin John Sander are the Joint Administrators.
  • It is unclear whether the FSCS will compensate the clients over the mini-bonds.
Monday, 25/04/2022 | 06:40 GMT by Matti Williamson
Institutional FX

The FSCS Paid over £114 Million to London Capital & Finance Plc (LCF) Bondholders

  • 12,330 bonds were compensated for as part of a one-time compensation scheme.
  • The last batch of cheques will be issued around Easter.
Sunday, 17/04/2022 | 07:28 GMT by Matti Williamson
Retail FX

Reyker Securities’ Clients Received 98.25% of Their Money

  • The administrators are still receiving claims from the collapsed firm’s clients.
  • The company entered into administration in 2019.
Thursday, 17/03/2022 | 10:36 GMT by Arnab Shome
Institutional FX

FSCS Distributed £105 Million to LCF Bondholders

  • Almost 8,500 bondholders have received their compensation.
  • The agency still needs to contact 700 more bondholders.
Thursday, 03/02/2022 | 07:19 GMT by Arnab Shome
Brokers

FSCS Urges AFX Markets Clients to Submit Compensation Claims

  • The failed broker had a shortfall in its clients’ funds of more than £7 million.
Wednesday, 20/10/2021 | 06:23 GMT by Arnab Shome
Brokers

SVS Securities Administrators Refund Majority of Clients’ Money

  • The administrators estimated the budget for the cost of the returns at £44.5 million.
Friday, 27/08/2021 | 12:22 GMT by Arnab Shome
Brokers

UK Government Announces New Compensation Plan for LCF Victims

  • The scheme will provide 80 percent of LCF bondholders’ initial investment up to a maximum of £68,000.
Monday, 19/04/2021 | 15:15 GMT by Arnab Shome
Brokers

FSCS Revives Compensation Hopes for AFX Markets’ Clients

  • FSCS completed its initial review into the activities of the firm and will shortly contact clients to submit their claims.
Monday, 15/03/2021 | 16:14 GMT by Aziz Abdel-Qader
Brokers

FSCS Paid $56.3 Million to London Capital & Finance Victims

  • Clients of the minibond provider suffered a total loss of £236 million.
Thursday, 18/02/2021 | 11:21 GMT by Arnab Shome
Brokers

FSCS Paid £51M in Compensation to London Capital & Finance Clients

  • Around 12,000 investors suffered major losses following the £236 million collapse of the mini-bond issuer in 2019.
Thursday, 17/12/2020 | 16:43 GMT by Aziz Abdel-Qader
Brokers

FSCS Reviews 700K Phone Calls in Connection to LCF’s Scandal

  • Without the use of AI, the FSCS estimates that it would not be able to complete this work before 2022.
Thursday, 22/10/2020 | 18:49 GMT by Aziz Abdel-Qader
Brokers

FSCS Gives Permission for Judicial Review of LCF Investors’ Claims

  • The claimants are fighting for eligibility of compensation and asked the court to junk the lifeboat’s refusal to cover them
Thursday, 17/09/2020 | 15:23 GMT by Aziz Abdel-Qader
Regulation

FSCS Expects to Complete LCF Compensation by the End of 2020

  • Around 12,000 investors suffered major losses following the £236 million collapse of mini-bond issuer London Capital & Finance.
Thursday, 27/08/2020 | 15:11 GMT by Aziz Abdel-Qader
Brokers

FSCS Opens Door to “Further Claims” against SVS Securities

  • FSCS won’t compensate clients for poor investment performance, or losses incurred for lacking access to their assets.
Friday, 21/08/2020 | 15:29 GMT by Aziz Abdel-Qader
Brokers

SVS Securities’ Clients Can Access Their Money Now at ITI Capital

  • ITI set up clients' new accounts in its systems and already provided them with their respective login details.
Friday, 24/07/2020 | 17:06 GMT by Aziz Abdel-Qader
Regulation

FSCS Paid £527 Million Last Year to 260K Customers of Failed Firms

  • £56 million were paid for customers of SVS Securities and Reyker Securities, which failed in 2019.
Friday, 10/07/2020 | 15:37 GMT by Aziz Abdel-Qader
Brokers

FSCS Starts Payout to LCF’s Investors Who Received Misleading Advice

  • Around 12,000 investors suffered major losses following the £236 million collapse of London Capital & Finance (LCF) in 2019.
Thursday, 25/06/2020 | 15:30 GMT by Aziz Abdel-Qader
Regulation

Administrators of SVS Securities Secure Deal with Regulated Broker

  • The Administrators have entered into a short period where they will transfer custody assets and client money.
Friday, 07/02/2020 | 11:42 GMT by Celeste Skinner
Analysis

When Two UK Brokers Go Bust in One Month, Whose Fault is That?

  • UK investors, at least those with big portfolios, are on the hook if their broker fails.
Wednesday, 25/12/2019 | 12:24 GMT by Aziz Abdel-Qader
Regulation

FSCS to Return Funds to Eligible Clients of SVS Securities

  • The FSCS is currently working with the special administrators to find the best way to return the money.
Monday, 04/11/2019 | 12:10 GMT by Celeste Skinner
Regulation

FSCS Recovers £300 Million from Financial Services Firms

  • The lifeboat scheme also revealed that it paid out nearly £20 billion to protect victims of the 2008 financial crisis.
Monday, 25/03/2019 | 22:30 GMT by Aziz Abdel-Qader
Regulation

UK’s FSCS Appoints Marshall Bailey as its Newest Chair

  • Bailey succeeds Lawrence Churchill after a period of two terms, stepping into the new role this April
Tuesday, 13/02/2018 | 12:41 GMT by Jeff Patterson
Brokers

ActivTrades Strengthens Client Protection Insurance to £1m

  • ActivTrades is raising its client funds protection insurance from £500,000 to £1.0 million.
Friday, 08/09/2017 | 13:06 GMT by Jeff Patterson
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