London Capital & Finance plc (LCF)
London Capital & Finance plc (LCF), authorised by the FCA (FRN 722603), became one of the most significant mini-bond failures in UK history. The firm raised approximately £237 million from around 11,625 investors before entering administration in January 2019. Investors had purchased mini-bonds that were marketed as fixed-rate ISAs, a description the FCA later censured as misleading.
The FCA censured London Capital & Finance for its unfair and misleading financial promotions. Mini-bonds are not a regulated investment product, which meant that initially the FSCS could not step in under its standard rules. However, where LCF was found to have provided regulated financial advice to investors, compensation claims became possible. The FSCS paid over £58 million to eligible claimants under its rules.
The UK government established a separate compensation scheme to cover the broader group of bondholders who were not eligible under FSCS rules. By October 2022, when that scheme closed, £115 million had been paid to eligible bondholders in total. A Serious Fraud Office investigation into whether those responsible for running LCF were involved in knowingly defrauding bondholders is ongoing.
Issues / Why You May Have a Claim
Some LCF investors were recommended the mini-bonds by IFAs and financial advisers who were separately regulated. Where an FCA-regulated adviser recommended LCF bonds without properly assessing suitability, there may be a claim against that adviser. If you received advice to invest in LCF bonds and have not yet had your circumstances fully reviewed, please speak to our team.
Company background (public record)
The company was incorporated at Companies House on 12 July 2012 under company number 08140312. Its status at Companies House is recorded as administration.
Registered office: C/O S&W PARTNERS LLP, Rrs Department 45 Gresham Street, London, EC2V 7BG.
Previously named: LONDON CAPITAL & FINANCE LIMITED; SALES AID FINANCE (ENGLAND) LIMITED; SOUTH EASTERN COUNTIES FINANCE LIMITED; SALES AID FINANCE (ENGLAND) LIMITED; SOUTH EASTERN COUNTIES FINANCE LIMITED.
Nature of business (SIC): 82990.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 12 Jul 2012 | Company incorporated | Companies House |
| 30 Jan 2019 | Company entered administration (in administration) | Companies House |
| 01 May 2019 | FSCS update: London Capital & Finance plc (LCF) entered administration on 30 January 2019 | FSCS |
| 10 May 2019 | FSCS update: The promotional materials that we’ve reviewed stated that the LCF mini-bonds were not FSCS protected | FSCS |
| 31 May 2019 | FSCS update: Over the last few weeks we’ve been reviewing whether there may be grounds for compensation | FSCS |
| 28 Jun 2019 | FSCS update: Our investigation into LCF leads us to be believe that there are protected claims, which may result in compensation for … | FSCS |
| 08 Jul 2019 | FSCS update: More than 4,390 clients of London Capital & Finance completed our fact-finding questionnaire in the first week it was po… | FSCS |
| 02 Aug 2019 | FSCS update: In the month since our fact-finding questionnaire went live just over 5,500 people have completed it | FSCS |
| 04 Oct 2019 | FSCS update: Since our last update, FSCS has made some progress in gathering and examining information and evidence | FSCS |
| 09 Jan 2020 | Declared in default by the FSCS | FSCS |
| 09 Jan 2020 | FSCS update: FSCS is now ready to announce its key decisions for claims in relation to the London Capital and Finance (LCF) failure | FSCS |
| 11 Feb 2020 | FSCS update: Scammers are targeting London Capital & Finance customers London Capital & Finance (LCF) bondholders should be wary of m… | FSCS |
| 17 Feb 2020 | FSCS update: FSCS has paid just under £2.7m to 135 LCF customers in relation to 151 bonds | FSCS |
| 31 Mar 2020 | FSCS update: We are still reviewing all the information gathered to help determine what misleading advice was given by London Capital… | FSCS |
| 17 Nov 2021 | FSCS update: We are continuing to prepare for compensation payments to begin under the government scheme | FSCS |
| 25 Nov 2021 | FSCS update: We have now started to contact and offer compensation to bondholders who are eligible under the government's LCF compens… | FSCS |
| 16 Dec 2021 | FSCS update: We have now been paying compensation to LCF bondholders who are eligible for the government's scheme for three weeks | FSCS |
| 20 Dec 2021 | FSCS update: Over the weekend there have been reports of LCF bondholders being contacted through social media or called by individual… | FSCS |
| 19 Jan 2022 | FSCS update: The administrators of LCF, Smith & Williamson , have been shown emails sent to LCF bondholders from info@londoncapitalfi… | FSCS |
| 02 Feb 2022 | FSCS update: Since our last update in December, FSCS has contacted more than 700 additional bondholders with details of their compens… | FSCS |
| 10 Mar 2022 | FSCS update: We’re still contacting LCF bondholders who have yet to receive compensation, but if you were expecting to hear from us a… | FSCS |
| 14 Apr 2022 | FSCS update: FSCS has now paid compensation for 12,330 bonds under the government scheme, totalling over £114m | FSCS |
| 28 Apr 2022 | FSCS update: LCF bondholders are still being approached by scammers | FSCS |
| 27 May 2022 | FSCS update: An LCF bondholder has contacted FSCS after receiving a fraudulent letter claiming to be from Trading Standards | FSCS |
| 08 Aug 2022 | FSCS update: We are now preparing to close the LCF compensation scheme that FSCS has been administering on behalf of the government | FSCS |
| 06 Oct 2022 | FSCS update: On 31 October 2022, we will be closing the LCF compensation scheme that FSCS has been administering on behalf of the gov… | FSCS |
| 29 Aug 2023 | FSCS update: Letters are in circulation on FSCS headed paper | FSCS |
| 15 Dec 2025 | FCA status recorded as: No longer authorised | FCA Register |
Focused on the firm’s early history and the events leading up to and following its failure. 54 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Eloise Jacqueline Wade. Listed on the FCA Register as having held CF30 Customer (28/03/2018 to 01/02/2019) at the firm.
- Chloe Melissa Ongley. Listed on the FCA Register as having held CF30 Customer (21/03/2018 to 01/02/2019) at the firm.
- Katy Anne Nancy Eaves. Listed on the FCA Register as having held CF30 Customer (19/04/2018 to 01/02/2019) at the firm.
- Saralouisa Penfold. Listed on the FCA Register as having held CF30 Customer (09/04/2018 to 01/02/2019) at the firm.
- Katherine Ruth simpson. Listed on the FCA Register as having held CF1 Director (10/10/2018 to 01/02/2019), CF2 Non Executive Director (13/06/2017 to 10/10/2018) at the firm.
- Michael Andrew Thomson. Listed on the FCA Register as having held CF30 Customer (13/06/2017 to 01/02/2019), CF8 Apportionment and Oversight (07/06/2016 to 01/02/2019), CF3 Chief Executive (13/06/2017 to 01/02/2019), CF1 Director (AR) (11/07/2017 to 01/02/2019) at the firm.
- Katherine Elizabeth Maddock. Listed on the FCA Register as having held CF11 Money Laundering Reporting (13/06/2017 to 01/02/2019) at the firm.
- Kevin Alan Maddison. Listed on the FCA Register as having held CF2 Non Executive Director (15/06/2017 to 01/02/2019) at the firm.
- Floris Jakobus Huisamen. Listed on the FCA Register as having held CF10 Compliance Oversight (13/06/2017 to 01/02/2019), CF1 Director (13/06/2017 to 01/02/2019) at the firm.
- Caa Registrars Limited. Listed at Companies House as corporate-secretary (appointed 2015-11-11).
Appointed Representatives and Agents
While it was authorised, the firm acted as principal for the following appointed representatives. An appointed representative carries on regulated business under the responsibility of its principal, so their conduct can be relevant to a claim.
| Appointed representative | Reference | Effective from | Ended |
|---|---|---|---|
| London Capital Marketing Ltd | FRN 783191 | 03/07/2017 | 30/01/2019 |
| London Loan Brokerage | FRN 793635 | 08/11/2017 | 30/01/2019 |
Review page sources: FCA Register (FRN 722603) · Companies House (08140312) · FSCS. Public records, provided for transparency.
