FSCS provides update on LCF claims

The Financial Services Compensation Scheme (FSCS) has reassured customers of London Capital and Finance (LCF) it is doing “everything it can” to reach a point where it can assess claims as efficiently and effectively as possible.

Amid the ongoing coronavirus crisis, the FSCS said it was continuing to review all the information it has gathered to help determine what misleading advice was given by LCF.

In January this year, the FSCS announced several key decisions for claims in relation to the failure of LCF, which entered administration in January 2019.

As part of its work in determining which customers were given misleading advice by LCF, the FSCS revealed it is in the process of analysing almost “one million pieces of information”. This includes telephone call recordings, emails and records within LCF’s customer database, which the FSCS suggested has been gathered from various sources over the last two months.

FSCS CEO, Caroline Rainbird, commented: “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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