Compensation should be paid to all consumers who’ve lost money as a result of regulatory failure by the FCA. Outlines money marketing.com.
In April 21. the government revealed plans of a new compensation scheme for investors in London Capital & Finance. The aim was the refund 80% of their initial investment – up to £68,000.00. At the same time, the FCA says it will make further compensation payments to a small number of bondholders it failed to protect directly. The government expects to pay out £120m in compensation to around 8,800 investors within six months of securing primary legislation. It aims to refund 80 per cent of their initial investment up to £68,000.
It was highlighted that the scheme would be made available to LCF bondholders who have not already received compensation from the Financial Services Compensation Scheme. Campaigner Andy Agathangelou stated that all scam victims should be compensated to a “financial position they could reasonably expect” to be in if it were not for the regulator.
Andy argued this compensation should be widened. He said the LCF has not been the only example where consumers have lost out due to the poor conduct of the regulator. Finalising that compensation should be paid to all consumers who’ve lost money as a result of regulatory failure by the FCA. Stating the redress should put them in the financial position they could reasonably expect to have been in had they not been affected by the aforesaid regulatory failure. Negligent advice from unregulated bodies had led to many financial losses.
Future aims to reduce the ‘scams’ and filtering of such marketing materials, is currently at the forefront of the legal world. Angelus Law are proficient at reviewing cases alike in order to recover losses for their clients, due to preview negligent financial advice.