FSCS scam alert as letters to LCF victims do the rounds
<img width="250" height="141" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-250×141.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-250×141.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-700×394.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-768×432.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-120×67.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-245×138.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202-500×281.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-FSCS-scam-alert-as-letters-to-LCF-victims-do-the-rounds-5082998749iStock-1096957202.jpg 1366w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">LCF used to issue mini-bonds and invest the proceeds from these in different businesses. In its warning, the FSCS makes it clear these letters are not from the scheme although they appear on FSCS-headed paper. This organisation advised those targeted to ignore these scam letters and invited them to contact the FSCS directly.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">In a November 2022 statement, the Treasury acknowledged that the LCF scheme closed its doors on 31 October 2022. The company went belly-up in less than a year after its launch. At first, LCF would have closed earlier in April 2022 but the FSCS had to extend the deadline as 30 bonds were still outstanding due to expired addresses or other contact details.</span></p>
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<p><span data-contrast="auto">To date, £115m has been paid to eligible bondholders and finalises most claims. The FSCS may, however, still pay outstanding claims in extraordinary circumstances. Given the LCF closure, the Treasury stated these claims may take longer to process.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">In May this year, London’s Southwark Crown Court sentenced the CEO of LCF, Michael Thomas, to 10 months in prison, which sentence was suspended for two years. This followed his admission to a £95,000 luxury splurge that included a saddle and an Italian holiday.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/fscs-scam-alert-as-letters-to-lcf-victims-do-the-rounds/">FSCS scam alert as letters to LCF victims do the rounds</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>
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