On 22 August 2023, we imposed restrictions on London Court Limited for failings relating to the 'My Investment Hub' platform.
Our actions mean that London Court Ltd cannot conduct regulated activities for either new clients or new investments. It can however provide bond administration and ISA management services to existing clients and investments they already hold.
Why have we taken this action?
We are concerned that London Court Ltd has inadequate systems and controls in place to ensure investments on its My Investment Hub platform are compatible with the needs of the clients to whom investments are distributed.
We have reviewed investments on the My Investment Hub platform and have serious concerns over the level of due diligence London Court Ltd has conducted.
We have issued a First Supervisory Notice which sets out the full details.
What should I do if I hold investments administered by London Court Ltd?
London Court Ltd is still able to provide ISA Management services to existing clients.
If you have any concerns, you can contact London Court Ltd.
If you have any information about London Court Ltd’s activities, please contact us.
Update: 20 October - Investors targeted by scammers
We have become aware that investors holding Romco Metals, Nalu Homes and Lisarb Energy bonds on the ‘My Investment Hub’ platform are being cold called or emailed by individuals falsely claiming to represent the investment companies or a number of unauthorised firms. These individuals are trying to scam investors and have the hallmarks of recovery rooms.
Recovery rooms are where fraudsters approach investors who have been scammed or had failed investments, offering to help them get their money back for an upfront fee.
If you’ve been asked to pay a fee or provide your bank account, card or other financial details, end all contact immediately and do not pay any money or provide any banking details.
Be alert to scams
All customers should remain alert to the possibility of fraud and should remain vigilant if unauthorised firms contact them offering to help get back investments for a fee.
Fraudsters sometimes claim to be from legitimate firms authorised by us. This is what we call a ‘clone firm’. We have seen previous examples of fraudsters posing as authorised firms and asking for upfront payments to help return previous investments.
If you give money to a clone or unauthorised firm, you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
You should proceed with caution if you are approached by a claims management company (CMC). For the vast majority of clients, there is no benefit in involving a third party in making a claim or reclaiming your client money. If you use a CMC to assist, the CMC is likely to seek a fee which may reduce what you get back.