Two groups have been set up on Facebook for London Capital & Finance investors looking for information after the Financial Conduct Authority shut down the company pending an ongoing investigation.

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It is now just over a week since the FCA froze the accounts of London Capital and Finance and, after over three years of masterly inactivity, dramatically plunged investors into limbo.

Drew J of the blog "Damn Lies and Statistics" and the members of the MoneySavingExpert forum have been doing some excellent digging into the limited amount that has been publicly disclosed about LCF's finances. Rather than regurgitate all their research myself (which does deserve reading in full), here is a summary of the crucial points that have emerged over the past week: Continue reading...

The FCA's ongoing investigation into London Capital & Finance took a more serious turn yesterday when the FCA revealed that it has placed the following restrictions on the company:

• It may not (without the prior consent of the FCA) deal in any way with its assets, including the money held in its banks accounts.
• It must cease conducting all regulated activity.

Around a couple of weeks ago the FCA ordered London Capital & Finance to remove all its marketing materials. The FCA has now announced:

that it is appropriate to publicise the fact of its investigation into LCF now, as a result of other public actions taken by the FCA and in anticipation of legitimate queries from investors regarding the firm.

The FCA is unable to say whether investors are likely to get their investment back at this stage.

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London Capital & Finance has been ordered by the Financial Conduct Authority to remove all its marketing materials.

At time of writing, every page of its website londoncapitalandfinance.co.uk has been replaced with the following notice: Continue reading...

London Capital & Finance has delayed filing its accounts for the period ending April 2018 by using a well-known (among accountants) loophole in the Companies Act.

Traditionally, public limited companies are supposed to file their annual accounts within six months of their accounting end date. This means London Capital & Finance's April 2018 accounts would have been due for filing by the end of October 2018.

However, less than a couple of weeks before this deadline expired, London Capital & Finance shortened its accounting reference date by a day, which under UK companies law gives it a further three months to file its accounts, i.e. 17 January 2019.

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