FSCS continues review of LCF advice claims

Jake Carter

March 31, 2020

fca data

The Financial Services Compensation Scheme (FSCS) is continuing to review information related to what misleading advice was given by London Capital and Finance (LCF).

FSCS stresses that it is “doing everything it can to continue working to reach a point where we can assess claims as efficiently and effectively as possible”.

As part of determining which customers were given misleading advice by LCF, the compensation scheme is in the process of analysing near a million pieces of information.

The sources of information include telephone call recordings, emails and records within LCF’s customer database.

Furthermore, FSCS said that it has been collecting the information over the past two months.

Updates will be provided as soon as more information is available, and LCF customers do not need to take any action, FSCS added.

Caroline Rainbird, chief executive of FSCS, said: “We’re continuing to work hard to review the vast amount of information we have gathered.

“It is vital that we do this to help us understand which LCF customers were given advice so that we can reach decisions on claims.

“We realise that times of uncertainty can be hugely unsettling.

“We want to reassure all our customers that we are doing all we can, particularly in light of the ongoing COVID-19 situation, to continue our business as usual to get our customers back on track.”

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