Kensington adviser goes into liquidation

Monetary adviser and ISA supplier London Courtroom Restricted (FRN 146522) has entered collectors’ voluntary liquidation lower than a yr after the FCA positioned restrictions on the agency.

On 15 July London Courtroom appointed Rehan Ahmed and Tauseef Rashid of Quantuma Advisory Restricted as joint liquidators to wind up the agency for the good thing about its collectors.

LCL is a regulated agency that acted because the bond administrator and ISA supervisor for quite a few bonds by way of the ‘My Funding Hub’ platform.

On 22 August 2023 the FCA positioned restrictions on LCL which prevented it from conducting regulated actions for brand spanking new shoppers or new investments.

The agency, based mostly in Kensington Church Road in London, was solely allowed to supply bond administration and ISA administration companies to present shoppers and investments they already held.

The regulator mentioned on the time: “We’re involved that London Courtroom Ltd has insufficient techniques and controls in place to make sure investments on its My Funding Hub platform are suitable with the wants of the shoppers to whom investments are distributed.

“We have now reviewed investments on the My Funding Hub platform and have severe considerations over the extent of due diligence London Courtroom Ltd has carried out.”

Final month the FCA warned that shoppers who bought investments by way of London Courtroom Restricted had been being focused by scammers.

Traders in Whisky Scotland bonds on London Courtroom’s ‘My Funding Hub’ platform had been being chilly referred to as or emailed by people falsely claiming to have the ability to help traders in recovering their cash, the FCA mentioned.

It was the second time that shoppers who bought investments by way of London Courtroom Restricted have been focused by scammers.

London Courtroom was included on 10 January 1989 and has been authorised since 1 December 2001. It held permissions for advising on investments and P2P agreements, arranging offers in investments and making preparations with a view to transactions in investments. From February 2021 the FCA has been in dialogue with the agency about, “the scope of the regulated actions it was performing.”

To elucidate what the liquidation means for traders, the joint liquidators can be writing shortly to all those that purchased a bond by way of LCL or the ‘My Funding Hub’ platform. To contact the joint liquidators Rehan Ahmed and Tauseef Rashid, telephone 0115 939 2454, electronic mail This electronic mail tackle is being protected against spambots. You want JavaScript enabled to view it., or write to Quantuma Advisory Restricted, 14 Derby Rd, Stapleford, Nottingham NG9 7AA.

The FSCS has a devoted service for LCL claims. 

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