Investment company London Capital & Finance PLC (LCF) went into administration in January 2019 having sold over £230 million in mini-bonds promising significant returns to investors.
One of the high-risk investments linked to London Capital & Finance was a leisure property development in Cornwall, Lakeview UK Investments run by Prime Resort Development, which LCF’s administrators say borrowed over £70 million of LCF bondholders’ funds. Lakeview UK bondholders, who were promised returns of 11% over five years, are still owed money from the original investment and dividends.
The financial mis-selling team at TLW Solicitors currently act for a number of Lakeview and London Capital & Finance investors who have lost out or are worried about their investments. Whilst conducting these cases, we have found that as well as being sold by financial advisers, investments in Lakeview UK were also sold by mortgage brokers who advised their clients to re-mortgage their homes in order to invest in the Cornish property development.
Some of TLW’s clients have also been persuaded to invest in a range of development projects alongside Lakeview, including:
- Strategic Residential;
- Brisa Investments;
- Real Estate Investments USA.
Despite LCF entering into administration, investors concerned about losing their investment and/or the advice they were given, may still be able to recover compensation for their losses.
Where an investment provider goes out of business, compensation claims up to the value of £85,000 can still be made through the FSCS lifeboat scheme.
Commenting on the failure of London Capital & Finance PLC and the implications on Lakeview UK investors, Peter McKenna, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said:
“We act for a number of clients who were advised to re-mortgage their homes or use their pension fund to invest in Lakeview. Unfortunately people have been mis-sold investments at Lakeview for a number of years. Around five years ago we successfully acted for a number of people, many of them pensioners, who had been advised to re-mortgage their homes to invest in properties at Lakeview. It’s really sad to see that Lakeview has continued to be the focus of unscrupulous advisers giving totally unsuitable advice to investors, this time in the form of bonds.”
Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds. Given the scale and complexity of their investments, claims relating to LCF are often challenging requiring experienced advice.
Were you advised to re-mortgage or use your pension fund to invest in Lakeview UK, or any of London Capital & Finance PLC’s minibond schemes?
If so, please get in touch with TLW Solicitors by calling 0800 169 5925, email or complete our call back form to see if you are owed compensation.
Time limits apply, so anyone wishing to claim should do so without delay.
Meet Peter, Peter is a TLW Partner and Director of the Financial Mis-Selling team.
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