Thoughts on Finance, Current Affairs and General Consumer Ripoffs - Damn Lies and Statistics

It's been a while since I did an overall update on the London Capital & Finance situation and there's been quite a lot happening in different areas. I'll try to summarise the main points under the different strands of action that have taken place 1) FSCS Compensation Some investors have started receiving their cheques from FSCS but due to the volume of claims this work is taking longer than anticipated. FSCS have stated that they are increasing the size of the team by 80% but it will not be completed by the original target date of 30 September 2020 and now not be complete before the end of December 2020. An additional 100,000 emails have been discovered and these are being examined to assist with the decision making process on cases. As of 27 August 2020 FSCS say they have paid out £20m in compensation to 1295 investors. Legal action to challenge the decision of the FSCS that LCF bonds were not regulated has been granted and is another route that may generate compensati

A case has been heard at the High Court  that was brought against various parties allegedly involved in the London Capital & Finance bond fraud to prevent their assets being sold.  It was detailed in the court papers that orders have been placed on the assets of 5 people related to LCF that prevent any disposal of any assets worldwide that they own. This order was being disputed by the 5 defendants, Simon Hume Kendall, Michael Thomson, Elten Barker, Spencer Golding and Helen Hume Kendall. Curiously the Worldwide Freezing orders were only granted in August 2020, some 18 months after the collapse of London Capital & Finance although Serious Fraud Office Criminal Restraint Orders were in place in March 2019 but these are more limited in scope. Simon & Helen Hume Kendall Michael Thomson, CEO of LCF Spencer Golding on the right Elten Barker on right Interestingly the continuance of the Worldwide Freezing order was accepted by all the parties except Spencer Golding and Elten Bark