London Capital & Finance Letter to MP Complaint Template
Brev at Bondreview.co.uk has put together the letter template below for sending to your MP if you have lost out as a result of LCF going into administration.
Dear [MP's name],
I am one of 11,000 investors who invested money in London Capital & Finance, which has recently collapsed and gone into administration. I invested [please say how much you invested and how significant this was to you - for example, "nearly all of my life savings / money I inherited from my parents / a pension lump sum that I was counting on to fund my retirement.]
This was an investment that was, by its nature, extremely high risk. However, I only found this out after LCF had already collapsed. Until then, I had been led to believe by LCF that it was almost on the same level of risk as a cash deposit with a bank.
This was an investment that, by law, should only have been promoted to sophisticated and high net worth investors. I was neither of these, and again, I only found out that this investment was totally unsuitable for me when it had already collapsed.
There are supposed to be safeguards and regulations to prevent a high-risk investment like LCF ever being advertised to someone like me. However, these safeguards totally failed due to the inaction of the regulator. The FCA was warned about LCF's activities by both finance professionals and members of the public repeatedly from 2015 onwards. Once again, I and other investors were the last to find out.
The FCA failed to act on these warnings until December 2018. Had it acted earlier, many investors like myself would still have our life savings. [Please describe the impact the loss of your investment in LCF will have on you - as much as you are willing to share.]
I know that there is not much Parliament can do about the failure of LCF. But the failure of the FCA is something Parliament can and must act on. Investors like me want to know why the FCA repeatedly failed to act until three years too late, and what will be done to stop this happening to others.
Yours sincerely
[Name]
You can find out details of your MP via the Parliament website https://www.parliament.uk/mps-lords-and-offices/mps/
Dear [MP's name],
I am one of 11,000 investors who invested money in London Capital & Finance, which has recently collapsed and gone into administration. I invested [please say how much you invested and how significant this was to you - for example, "nearly all of my life savings / money I inherited from my parents / a pension lump sum that I was counting on to fund my retirement.]
This was an investment that was, by its nature, extremely high risk. However, I only found this out after LCF had already collapsed. Until then, I had been led to believe by LCF that it was almost on the same level of risk as a cash deposit with a bank.
This was an investment that, by law, should only have been promoted to sophisticated and high net worth investors. I was neither of these, and again, I only found out that this investment was totally unsuitable for me when it had already collapsed.
There are supposed to be safeguards and regulations to prevent a high-risk investment like LCF ever being advertised to someone like me. However, these safeguards totally failed due to the inaction of the regulator. The FCA was warned about LCF's activities by both finance professionals and members of the public repeatedly from 2015 onwards. Once again, I and other investors were the last to find out.
The FCA failed to act on these warnings until December 2018. Had it acted earlier, many investors like myself would still have our life savings. [Please describe the impact the loss of your investment in LCF will have on you - as much as you are willing to share.]
I know that there is not much Parliament can do about the failure of LCF. But the failure of the FCA is something Parliament can and must act on. Investors like me want to know why the FCA repeatedly failed to act until three years too late, and what will be done to stop this happening to others.
Yours sincerely
[Name]
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