FinanceMagnets
Published on 2024-02-13 | 21 days ago

Ex-Director at LCF Hit with FCA Ban for Misleading Investors

The Financial Conduct Authority (FCA) has banned and fined Floris Jakobus Huisamen, a former director at the now defunct London Capital & Finance plc (LCF), for his role in approving misleading financial promotions that led to losses of thousands of retail investors.Former LCF Director Banned and Fined over Misleading Financial PromotionsThe FCA issued a fine of £31,800 to Mr.Huisamen and banned him from working in financial services over his "reckless" approval of LCF promotions while head of compliance. Huisamen consented to a settlement, thus receiving a 30% reduction in his fine. Had this discount not been applied, the fine would have amounted to £45,500.The promotions presented LCF mini-bonds as a far more attractive investment than they actually were, failing to disclose risks like hidden fees and unsustainable lending practices adequately.Despite his own concerns, Huisamen did not adequately scrutinize or challenge the claims in the promotions, did not obtain evidence to support them, and allowed misleading suggestions that the mini-bonds were FCA-regulated. He continued signing off on inaccurate promotions even after becoming aware of problems.FCA Enforcement Director Therese Chambers stated that Huisamen's approval process became "an ineffective tick-box exercise" that misled investors into losing money. The FCA said the failings warrant his exclusion from the industry.“Thousands of investors were persuaded to invest on the basis of highly misleading statements. It is right that he can no longer work in financial services,” Chambers added.The FCA previously censured LCF itself over misleading promotions. The Serious Fraud Office is also investigating LCF, which collapsed in 2019, owing investors £236 million. This article was written by Damian Chmiel at www.financemagnates.com.

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