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Retail FX

FCA Sees Rising Costs of Compensation Scheme, Looks for Improvements

FSCS's increasing costs have begun to worry financial industry representatives.
The UK regulator makes another step in the compensation framework upgrade.

Wednesday, 14/12/2022 | 13:06 GMT by Damian Chmiel

Institutional FX

Vector Wealth Ltd Enters Administration over Its ‘Absolute Return Forex Bond'

James Alexander Snowdon and Michael Colin John Sander are the Joint Administrators.
It is unclear whether the FSCS will compensate the clients over the mini-bonds.

Monday, 25/04/2022 | 06:40 GMT by Matti Williamson

Institutional FX

The FSCS Paid over £114 Million to London Capital & Finance Plc (LCF) Bondholders

12,330 bonds were compensated for as part of a one-time compensation scheme.
The last batch of cheques will be issued around Easter.

Sunday, 17/04/2022 | 07:28 GMT by Matti Williamson

Retail FX

Reyker Securities’ Clients Received 98.25% of Their Money

The administrators are still receiving claims from the collapsed firm’s clients.
The company entered into administration in 2019.

Thursday, 17/03/2022 | 10:36 GMT by Arnab Shome

Institutional FX

FSCS Distributed £105 Million to LCF Bondholders

Almost 8,500 bondholders have received their compensation.
The agency still needs to contact 700 more bondholders.

Thursday, 03/02/2022 | 07:19 GMT by Arnab Shome

Brokers

FSCS Urges AFX Markets Clients to Submit Compensation Claims

The failed broker had a shortfall in its clients’ funds of more than £7 million.

Wednesday, 20/10/2021 | 06:23 GMT by Arnab Shome

Brokers

SVS Securities Administrators Refund Majority of Clients’ Money

The administrators estimated the budget for the cost of the returns at £44.5 million.

Friday, 27/08/2021 | 12:22 GMT by Arnab Shome

Brokers

UK Government Announces New Compensation Plan for LCF Victims

The scheme will provide 80 percent of LCF bondholders’ initial investment up to a maximum of £68,000.

Monday, 19/04/2021 | 15:15 GMT by Arnab Shome

Brokers

FSCS Revives Compensation Hopes for AFX Markets’ Clients

FSCS completed its initial review into the activities of the firm and will shortly contact clients to submit their claims.

Monday, 15/03/2021 | 16:14 GMT by Aziz Abdel-Qader

Brokers

FSCS Paid $56.3 Million to London Capital & Finance Victims

Clients of the minibond provider suffered a total loss of £236 million.

Thursday, 18/02/2021 | 11:21 GMT by Arnab Shome

Brokers

FSCS Paid £51M in Compensation to London Capital & Finance Clients

Around 12,000 investors suffered major losses following the £236 million collapse of the mini-bond issuer in 2019.

Thursday, 17/12/2020 | 16:43 GMT by Aziz Abdel-Qader

Brokers

FSCS Reviews 700K Phone Calls in Connection to LCF’s Scandal

Without the use of AI, the FSCS estimates that it would not be able to complete this work before 2022.

Thursday, 22/10/2020 | 18:49 GMT by Aziz Abdel-Qader

Brokers

FSCS Gives Permission for Judicial Review of LCF Investors’ Claims

The claimants are fighting for eligibility of compensation and asked the court to junk the lifeboat’s refusal to cover them

Thursday, 17/09/2020 | 15:23 GMT by Aziz Abdel-Qader

Regulation

FSCS Expects to Complete LCF Compensation by the End of 2020

Around 12,000 investors suffered major losses following the £236 million collapse of mini-bond issuer London Capital & Finance.

Thursday, 27/08/2020 | 15:11 GMT by Aziz Abdel-Qader

Brokers

FSCS Opens Door to “Further Claims” against SVS Securities

FSCS won’t compensate clients for poor investment performance, or losses incurred for lacking access to their assets.

Friday, 21/08/2020 | 15:29 GMT by Aziz Abdel-Qader

Brokers

SVS Securities’ Clients Can Access Their Money Now at ITI Capital

ITI set up clients' new accounts in its systems and already provided them with their respective login details.

Friday, 24/07/2020 | 17:06 GMT by Aziz Abdel-Qader

Regulation

FSCS Paid £527 Million Last Year to 260K Customers of Failed Firms

£56 million were paid for customers of SVS Securities and Reyker Securities, which failed in 2019.

Friday, 10/07/2020 | 15:37 GMT by Aziz Abdel-Qader

Brokers

FSCS Starts Payout to LCF’s Investors Who Received Misleading Advice

Around 12,000 investors suffered major losses following the £236 million collapse of London Capital & Finance (LCF) in 2019.

Thursday, 25/06/2020 | 15:30 GMT by Aziz Abdel-Qader

Regulation

Administrators of SVS Securities Secure Deal with Regulated Broker

The Administrators have entered into a short period where they will transfer custody assets and client money.

Friday, 07/02/2020 | 11:42 GMT by Celeste Skinner

Analysis

When Two UK Brokers Go Bust in One Month, Whose Fault is That?

UK investors, at least those with big portfolios, are on the hook if their broker fails.

Wednesday, 25/12/2019 | 12:24 GMT by Aziz Abdel-Qader

Regulation

FSCS to Return Funds to Eligible Clients of SVS Securities

The FSCS is currently working with the special administrators to find the best way to return the money.

Monday, 04/11/2019 | 12:10 GMT by Celeste Skinner

Regulation

FSCS Recovers £300 Million from Financial Services Firms

The lifeboat scheme also revealed that it paid out nearly £20 billion to protect victims of the 2008 financial crisis.

Monday, 25/03/2019 | 22:30 GMT by Aziz Abdel-Qader

Regulation

UK’s FSCS Appoints Marshall Bailey as its Newest Chair

Bailey succeeds Lawrence Churchill after a period of two terms, stepping into the new role this April

Tuesday, 13/02/2018 | 12:41 GMT by Jeff Patterson

Brokers

ActivTrades Strengthens Client Protection Insurance to £1m

ActivTrades is raising its client funds protection insurance from £500,000 to £1.0 million.

Friday, 08/09/2017 | 13:06 GMT by Jeff Patterson

Regulation

Clients of Bankrupt LQD Markets to Claim $4 Mln from UK FSCS

The insurance scheme is likely to begin compensating clients of the bankrupt brokerage after months of uncertainty

Friday, 28/08/2015 | 21:56 GMT by Victor Golovtchenko

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