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By Tom Winnifrith | Tuesday 9 April 2019
The video below makes for pretty sorry viewing. It is hard not to feel sorry for LCF bondholders who will lose 80% of the cash they thought they were investing in “safe” bonds. But should they be compensated?
The bonds are outside FSCS compensation schemes so as things stand they will receive no bailout. But the FCA was warned of problems two or three years ago and did nothing so is there a moral case for compensation?
The problem is that, as we have highlighted many times on this website, notably HERE and HERE, this is just the tip of the iceberg. There are numerous very dodgy mini bonds out there and so if LCF victims are compensated this will set a precedent which will prove very costly indeed.
If you think that there should be compensation sign the petition HERE
Meanwhile Amber Rudd MP has still refused to say whether the £65,000 of cash stiolen from LCF bondholders and gioven to the Tory party has been repaid in full ( she says £5,000 has been) and, more importantly, if so to whom it has been repaid, the victims via the administrator of LCF or the thief, Tory party bigwig and Amber’s pal Simon Hume Kendall. Come on Amber fess up and spill the beans…
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