By Huw Jones
Britain’s Financial Conduct Authority (FCA) said on Wednesday it had censured London Capital & Finance (LCF) for “unfair and misleading” promotions of minibonds, but there is no financial penalty as the firm is insolvent.
LCF’s collapse in early 2019 left investors facing losses on the unregulated minibonds they had bought, leaving Britain’s taxpayers to pay about 120 million pounds ($147 million) to compensate them.
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