London Capital & Finance Plc bondholder compensation

That this House recognises the significant losses of the 11,625 London Capital & Finance Plc (LC&F) bondholders who invested about £237 million and may only get 20 per cent of their investment back following the scheme’s failure; notes that the Financial Services Compensation Scheme has paid £56.3 million in compensation to 2,878 LC&F bondholders to date; welcomes the publication of the independent investigation report by Dame Elizabeth Gloster in December 2020; notes that the report was strongly critical of the Financial Conduct Authority’s approach, contending that the regulator had failed to fulfil its statutory objectives; further notes that the FCA and the Government have accepted all 13 recommendations from the report; welcomes the announcement from the Government that it will establish its own compensation scheme for LC&F bondholders; and urges the Government to set out the terms of the scheme at the earliest opportunity.