In the latest episode of our Decisions Decoded series, we discuss the key points from the Final Notice issued against Floris Huisamen, former director of London Capital & Finance plc (LCF), with the remit for Risk and Compliance. In terms of background to this decision, at the relevant time LCF's business involved the raising of finance through the issuance of minibonds, which was then loaned to third-party corporate entities. The minibonds were sold predominantly to retail investors. LCF entered administration in January 2019. The firm had, however, already issued over 16,700 bonds, totalling over £237m. The effect of LCF's collapse on investors was significant. In October 2023, LCF was publicly censured for its unfair and misleading financial promotions of the minibonds. In connection with this, Mr Huisamen has now been fined £31,800 and prohibited from performing any function in relation to any regulated activities.
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