The Financial Conduct Authority has fined a former director of collapsed £237m mini-bond provider London Capital & Finance (LCF) and banned him from working in financial services.

The Financial Conduct Authority has cancelled the permission of KBFS Financial Limited (FRN: 831504) to carry out regulated business following restrictions imposed in October over concerns about its failure to pay redress to former members of the British Steel Pension Scheme.

The FCA says a crackdown on illegal investment advertising on the internet helped cut investment fraud in 2023, with overall losses down 40%.

Only 14% of crypto-asset business registrations submitted to the FCA have been approved by the regulator since it became the crypto market supervisor in 2020.