London Capital & Finance. The report.

Money Box

BBC

Business

4.2 • 825 Ratings

🗓️ 30 March 2019

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Money Box reporter Dan Whitworth analyses the main findings from the administrators' report into London Capital & Finance. The high-risk mini-bond provider collapsed in January but not before it had taken £236m from 11,650 people. Many of them were first-time investors who thought their money was going into fixed rate ISAs. The cash they put in came from pensions, inheritances and life savings.

From April the Financial Services Compensation Scheme (FSCS) limit for regulated investments rises to £85,000 from the current £50,000. Guest Mark Neale, Chief Executive of the FSCS.

As this year’s Council Tax bills arrive, are you eligible to reduce yours with a discount, exemption or help from a Council Tax Reduction scheme? Guest: Caroline Siarkiewicz,, Director and debt advice expert at the Single Financial Guidance Body.

NHS consultant James Bailey explains how the annual allowance taper affects his finances and working life. The taper was introduced in 2016 and affects people with income over £150,000 including pension savings. For every £2 of income over £150,000, the annual allowance reduces by £1, to a minimum of £10,000 a year. If an individual’s income is less that £110,000 a year, excluding all pension savings, then the annual allowance taper doesn't apply. Guests: Josephine Cumbo Pensions Correspondent for the Financial Times and John Ralfe, an Independent Pensions Consultant.

Reporter: Dan Whitworth Presenter: Paul Lewis Producer: Charmaine Cozier

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family?
0:21.3	When lies are still being told to this day, who do you believe?
0:25.1	I wouldn't even know where to start, and I'm with the IRA.
0:28.5	Steakknife.
0:29.7	Listen first on BBC Sounds.
0:33.5	BBC Sounds, music, radio, podcasts.
0:47.8	Hello, in today's program, the latest from the administrator on the collapse of the investment firm London Capital and Finance and the closer you look, the worse it seems to get.
0:54.6	The financial services compensation scheme explains why it can't help those London and finance investors, but it has announced that for regulated investments, the amount protected will grow. As council tax bills thud on door mats, bigger
1:01.2	than ever before, we look at how you might reduce the amount you have to pay. And a top doctor
1:06.4	tells us that taking on extra work has triggered a massive tax bill, costing him far more than the
1:12.3	extra he earns. But first, highly suspicious transactions, a small group of connected people,
1:19.8	and millions of pounds ending up in the personal possession or control of just four men.
1:25.3	They're just some of the damning conclusions of the administrators' report
1:28.6	into what happened at the now-collapsed investment company, London Capital and Finance, or LCF.
1:34.8	Nearly 12,000 people invested more than £230 million with LCF.
1:39.7	Many of them are now resigned to losing most, if not all, of their money.
1:43.7	Our reporter Dan Whitworth has been closely following this story for several months now.
1:47.4	Dan, any more clarity in this report about where investors' money went?
1:51.4	Yes, quite a lot of detail in the 58-page document, Paul.
	...

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