Financial Services Compensation Scheme - London

Christo Dimitriadis

I've been waiting 4 years for my compensation regarding the Rowanmoor/Resort Group scam. Most reading this will be very familiar with the story, but to give a brief account, we all had claims lodged at the FOS. Back in August 2021, Ombudsman Ross Hammond found against Rowanmoor sipp on their lack of due diligence. The FOS carried out a test case and found that Rowanmoor had not done sufficient due diligence on behalf of its clients. It told them to compensate all claims.
Several months went by and Rowanmoor announced they were in administration. That part of Rowanmoor is no longer in business. All the claims were transferred to the FSCS and now, over a year, we are still waiting for our rightful compensation. I'm afraid the FSCS get a one star from me because they do not take the interests of those who have been scammed seriously. They need to work a lot quicker and smarter so that claims of this nature are dealt with in a professional manner. Having pensioners waiting for years is quite unacceptable!!

David Kirk

I bought into a London, Capital & Finance ISA in good faith. My money seems to have disappeared. Despite the company being FCA approved I have been told by the FSCS that I'm not entitled to compensation as I wasn't recommended to buy this product by a financial advisor. It appears that the company had been known to be dodgy by the FCA for several years before I made my purchase. LC&F appeared on comparison website and widely throughout social media and had many positive reviews at the time that I made my purchase. How much more can an ordinary chap do? The FSCS is unfit for purpose as it doesn't protect the small investor! We should settle for 0.5% interest in the bank and be grateful for it I suppose!!

Alexandra Barker

‘When financial firms fail they help get money back’ - a statement I can not see evidence of at present. Their actions are partial, delayed, and inconsistent.

The highly fraudulent LCF scandal was reported to them in 2015 and no action was taken, LCF continued to be ‘regulated’ by FCA and received ISA manager status from HMRC. Despite the directors of LCF having been ‘directors’ of other dissolved companies (one director having been listed openly on Companies House as a director of around 30 dissolved companies), FSCS still did nothing.

11,600 people have lost £360 million. LCF is currently under investigation. But with direct emails from FSCS clearly stating LCF bond holders were covered, and after bond holders invest and the company falls into administration, FSCS stand back and change their mind. You cannot pick and choose after the fact. This company works inappropriately and not in the best interest of investors in the UK.

To any future investors, I suggest taking your business abroad. Organisations set up in the UK to protect your investment will find loopholes not to, your money is no longer safe here.

Dave Murtagh

Not fit for purpose. Invested my pension lump sum after 34 years in teaching in two ISAS with LCF who proudly were allowed to advertise being as FCA approved and thus any losses would be compensated by FSCS. Now FSCS claim they weren't ISA'S. DISGRACE.

Mo Ahmef

My motorbike insurer got bankrupt, my policy was cancelled and I was told by FSCS they will give me the compensation and will write yet nothing last in thell last 5 months, I am still waiting.

Patrick headdick

Banks are going to fail and tens of millions are going to lose their money because the banks have already claimed their money but they don't know it .

Prasanna Srikanth

Nice company to work with. Very diverse people. Perfect work life balance. Love it.

Daniel Terestenyi

Great company supporting customers of default companies