The Financial Services Compensation Scheme has this week written to 1,000 London Capital & Finance (LCF) victims offering compensation from a government-funded scheme.

Treasury minister John Glen today announced a £120m government-backed compensation scheme for LCF mini-bond victims which will pay up to 80% of losses up to a maximum of £68,000.

The FSCS said today that it cannot help 283 London Capital & Finance victims because they became customers before the firm was authorised in June 2016.