4.2 • 804 Ratings
🗓️ 19 December 2020
⏱️ 32 minutes
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A damning report by Dame Elizabeth Gloster finds that the financial regulator failed nearly 12,000 people who lost up to £237 million after an investment scheme collapsed. How have those who lost money reacted to her findings?
A search through 390,000 online adverts for rented homes reveals that on two websites more than 80% discriminate against people on benefits.
And concerns from the team dedicated to chasing, catching and prosecuting illegal loan sharks about the rise of people being targeted via social media.
Presenter: Paul Lewis Reporters: Ben Carter and Maryam Ahmed Producer: Darin Graham Series Producer: Alex Lewis Editor: Emma Rippon
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0:00.0 | You're about to listen to a BBC podcast, but this is about something else you might enjoy. |
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0:34.9 | check out BBC Sounds. |
0:41.3 | BBC Sounds, music, radio, podcasts. Hello, a search through every listing for rented homes |
0:44.3 | finds that on two websites, more than 80% of them |
0:47.3 | discriminated against people on benefits. |
0:50.3 | The team that spends its life, catching and prosecuting sharks, and the furloughed workers who are being paid 80% of last year's wages. |
1:00.4 | But first, there's new hope this week for thousands of people who lost hundreds of millions of pounds buying mini bonds from the collapsed firm London Capital and Finance. |
1:09.6 | The Treasury has said it will set up a compensation |
1:11.8 | scheme and consider if some bondholders should receive compensation for their losses, which |
1:17.3 | average more than £20,000 each. A surprising announcement came on the day a damning report was |
1:23.5 | published into how the regulator, the Financial Conduct Authority, had acted while the |
1:28.6 | minibonds were being sold to thousands of people. The report's author, former appeal court judge |
1:33.8 | Dame Elizabeth Gloucester, found there were gaps and weaknesses in the FCA's policies and practices |
1:38.9 | and that bondholders were entitled to receive more protection than they got. Moneybox reporter Ben |
1:45.0 | Carter's here. Ben, just remind listeners what happened to London Capital and Finance. |
1:49.2 | Paul, LCF collapsed in January 2019 and nearly 12,000 investors lost £237 million. Many of them |
1:57.8 | were first-time investors and some invested their entire life savings. |
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