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Written question asked by Angela Crawley (Scottish National Party) on Thursday, 21 January 2021, in the House of Commons. It was due for an answer on Monday, 25 January 2021. It was answered by John Glen (Conservative) on Wednesday, 27 January 2021 on behalf of the Treasury.

London Capital & Finance: Insolvency

Question

To ask the Chancellor of the Exchequer, with reference to the Written Statement of 17 December 2020, HCWS678, how the Government compensation scheme for London Capital & Finance bondholders will be administered.

Answer

In my Written Ministerial Statement on 17 December 2020, I outlined the three main channels through which London Capital & Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.

My statement also announced that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders . The Government will announce further details in due course.

Secondary information

Type
Written question
Reference
141521
Session
2019-21
Related items
Financial Services Update
Thursday, 17 December 2020
Written statements
House of Commons
Grouped for answer
Yes
Subjects
Compensation Insolvency London Capital & Finance
Link
View this Written question on www.parliament.uk