FIN.

Treasury and FCA publish LCF compensation rules

Treasury and FCA have published the Scheme rules and consequent FCA rules on compensation arrangements for bondholders with outstanding investment in LCF which has not already been compensated by the FSCS. The scheme will pay 80% of the principal investment, up to a maximum of £68,000.  Bondholders who have already received something from FCAC may still be eligible for some compensation if what they received was less than £85,000. The aim is for all bondholders to have been contacted with their offer of compensation by 20 April 2022.

FCA has made rules effective from 3 November adding a new appendix to COMP.

Emma Radmore