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Mini bond firm with links to London Capital & Finance fails

A London-based mini bond company that raised more than £8m from its investors and has ties to the collapsed London Capital & Finance has reportedly failed.

The Times reports that Asset Life, an unregulated issuer of mini bonds, fell into administration in July.

Companies House records show Asset Life director Martin Binks was previously also a director at LC&F in 2015 and 2016.

Asset Life issued more than 700 mini bonds – illiquid debt sold on to investors and typically more risky than other investments – to around 500 investors.

The reports of Asset Life’s collapse follow a warning from the FCA earlier this year. The regulator warned that the Marylebone firm was providing products and services within the UK without administration in a warning note on its website.

Case administrators David Rubin & Partners have informed creditors that Asset Life made investments into various unlisted companies.

Paul Lewis: Ministers should not pass the buck on LCF mini-bonds

The administrators are currently looking to define the nature of the assets to weigh up the prospect of capital recovery.

Money Marketing also reported yesterday that investors holding money with mini bond issuer Blackmore Bonds- that used the same marketing firm as LC&F – are still waiting on July interest payments.

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Mini bond provider linked to collapsed LC&F late paying interest

Blackmore Bonds, a “mini-bond” provider, which is advertised by the same company that marketed London Capital & Finance, is late paying interest to investors. Interest coupons were due to be paid by the end of July. The company blamed delays in the “banking system” for not processing coupons for a “number of clients”. Blackmore investors […]

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. I feel an appeal to the FSCS to compensate is likely to be imminent.

  2. And still the FCA sleep on these ‘mini-bonds’. I thought one of their key aims was to protect the consumer.

  3. Where’s all of the money gone?

    Brink’s Mat, Knightsbridge Safe Deposit Centre, Securitas depot in Kent, Graff jewellers, Hatton Garden burglary. All dwarfed by LC&F and linked companies.

    It would appear that new legislation is required for mini-bonds.

  4. Wow. Didn’t see that coming.

    • Neither did the FCA Lee

      They heard about though…..a clear case of the eyes disbelieving the ears

      Its a good job the clients of financial services are there to rectify the FCA’s incompetence.

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