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FSCS compensates losses

FSCS compensates losses

LCF used to be an authorized FCA firm that issued mini-bonds to investors and then illegally introduced the collected funds into other projects. After that, the organization declared itself bankrupt.

FSCS provided the public with updates on the issue of LCF. Back in December, the FSCS contacted additional bondholders on the topic of compensation under the government scheme.

This means that FSCS has now written to just under 8,500 people in total, issuing cheques for over 11,500 bonds totaling £105 million. However, the company has yet to contact a certain number of holders. The organization promises to do this without fail and make it to April 20.

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