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London Capital flags possible £7.7m Integrity liability

Mon, 14th Feb 2011 11:50

Spread betting firm London Capital Group (LCG) has been fined over £100,000 for losses suffered by a client two years ago, but that could rise as high as £7.7m.The Financial Ombudsman Service (FOS) has ordered the firm to pay £0.1m plus interest to compensate a client who'd put money into the Integrity Managed Currency Growth fund that then invested on LCG's currency platform.A FOS investigation was set up to look at commission rebating from the fund that occurred during the first half of 2009. LCG, which believes its actions did not cause the loss to the client in question, said the amount is "not material", but that the fund I question lost £7.7m in total."It is not yet clear to what extent LCG may be found to be liable for this total loss. LCG has sufficient resources to meet a liability which extends to the full amount which the fund lost," it said in a statement Monday."At this stage we do not have clarity on the extent of claims, or when any payments might be required to be made." LCG is studying the findings of the adjudicator before deciding whether to refer the decision for review by the ombudsman. It said the incident was "isolated" and hasn't participated in any similar funds since 2009.
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