FSCS urges LCF investors to check their spam folders
The Financial Services Compensation Scheme (FSCS) has urged those London Capital & Finance investors who have yet to receive payments to check their spam and junk folders, as the organisation continues to contact bondholders about further compensation payments.
The FSCS has asked investors to add emails from it to their ‘trusted’ or ‘safe senders’ list to ensure their inbox receives them, and added that investors worried about an FSCS scam should remember that the organisation would never ask them for money.
If concerned that contact is not genuine, they can call the FSCS directly, the organisation added.
The FSCS said that it will also be contacting those bondholders who have received more than £68,000 in FSCS compensation.
Read more: A timeline of FSCS payments to LCF investors
Read more: LCF admins continue with legal recoveries as fees rise to £6.89m
“We’re still contacting LCF bondholders who have yet to receive compensation, but if you were expecting to hear from us and have not, please check your spam or junk folder,” the FSCS said in an update on its webpage.
“Please add emails from FSCS to your ‘trusted’ or ‘safe senders’ list to ensure they go to your inbox.
“We’ll also be contacting bondholders who received more than £68,000 in FSCS compensation. Under the scheme rules set by the government, compensation is set at 80 per cent of bondholders’ original investment, up to a maximum of £68,000. Anyone who received more than this from FSCS is not eligible for further compensation.
“If you’re concerned about scams, remember that we will never ask for money, nor will we contact you via social media. Be wary of any emails, letters or calls claiming to be from LCF or someone else offering to help get access to compensation.
“If you’re unsure if a call from FSCS is genuine, hang up and contact us directly using the information on our contact us page.”
The FSCS has been administering the payout of the Treasury’s £120m compensation scheme that provides 80 per cent of LCF bondholders’ initial investment up to a maximum of £68,000.
In February, the FSCS said it had written to another 700 LCF bondholders since mid-December about compensation under the scheme and in total had contacted 8,500 people, issuing cheques for more than 11,500 bonds worth £105m.
The FSCS said it was working hard to reach out to the remaining 700 bondholders as soon as possible and said that everyone will receive their offer by 20 April.
More than 11,000 LCF investors were left with £237m in losses when the LCF entered into administration in January 2019.
