The Financial Services Compensation Scheme has declared London Court Ltd, trading as My Investment Hub, Venicap (FRN: 146522) based in Kensington Church Street in London, as failed.

The move by the industry-funded compensation safety net opens the door to ex-clients with valid claims to seek compensation of up to £85,000 per claim.

The FSCS told Financial Planning Today that it had so far received 395 claims against the firm in relation to general investments.

It said one claim has now been upheld triggering the default declaration.

London Court provided bond administration and ISA/IFISA management services and was incorporated on 10 January 1989 and had been authorised by the FCA since 1 December 2001.

It held permissions for advising on investments and P2P agreements, arranging deals in investments and making arrangements with a view to transactions in investments. 

On 22 August 2023 the FCA placed restrictions on LCL which prevented it from conducting regulated activities for new clients or new investments.

It entered creditors’ voluntary liquidation on 15 July 2024 with Rehan Ahmed and Jeremy Woodside of Quantuma Advisory Limited (Quantuma) appointed as Joint Liquidators.

In July 2024 the FCA warned that clients who purchased investments through London Court Limited were being targeted by scammers.

Investors in Whisky Scotland bonds on London Court’s ‘My Investment Hub’ platform were being cold called or emailed by individuals falsely claiming to be able to assist investors in recovering their money, the FCA said.

It was the second time that clients who purchased investments through London Court Limited had been targeted by scammers.

The scammers continued their attempts this year with the FSCS reporting in September that it had received reports of an email scam informing customers that they are entitled to compensation and advising them to get in touch to claim. But the scam email contained a false phone number.

In August the FSCS said it had finished its investigation into London Court. It said: “All the submitted claims against London Court will now be moved to our claims processing teams for assessment. Each claim will be considered on a case-by-case basis to determine whether it is eligible for compensation.”

Declaring the firm in default on Friday 3 October it said: “We're continuing to assess claims on an individual basis.”