11,605 people who invested a total of £236m have lost their savings following the collapse into administration of London Capital and Finance PLC (LCF) in January, following an investigation by the Financial Conduct Authority (FCA) into misleading advertising.
Many people who put money into LCF were first-time investors – inheritance recipients, small business owners or newly retired.
Questions are being asked in Parliament too about what the FCA knew – and when – about possible misleading marketing. Several independent financial advisers have said they warned the FCA, some as far back as 2015, about what they felt were “misleading, inaccurate and not clear” adverts, often promoted on social media.
You can read the full BBC News Article Here
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