UK:
Decisions Decoded: The Latest London Capital & Finance Plc Decision (Podcast)
18 March 2024
Norton Rose Fulbright Hong Kong
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In the latest episode of our Decisions Decoded series, we
discuss the key points from the Final Notice issued against Floris
Huisamen, former director of London Capital & Finance plc
(LCF), with the remit for Risk and Compliance. In
terms of background to this decision, at the relevant time
LCF's business involved the raising of finance through the
issuance of minibonds, which was then loaned to third-party
corporate entities. The minibonds were sold predominantly to retail
investors. LCF entered administration in January 2019. The firm
had, however, already issued over 16,700 bonds, totalling over
£237m. The effect of LCF's collapse on investors was
significant. In October 2023, LCF was publicly censured for its
unfair and misleading financial promotions of the minibonds. In
connection with this, Mr Huisamen has now been fined £31,800
and prohibited from performing any function in relation to any
regulated activities.
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