UK financial watchdog censures collapsed LCF

Britain's Financial Conduct Authority said on Wednesday it has censured London Capital & Finance (LCF) for "unfair and misleading" promotions of minibonds, but there is no financial penalty as the firm is insolvent.

LCF's collapse in early 2019 left investors facing losses on the unregulated minibonds they had bought, leaving Britain's taxpayers to pay about 120 million pounds to compensate them.

"These promotions presented a misleading picture of the minibonds and made them appear a far more attractive investment than they were," the FCA said in a statement.