Complaints to the Financial Ombudsman update (9480A)
April 05 2012 - 9:55AM
UK Regulatory
TIDMLCG
RNS Number : 9480A
London Capital Group Holdings PLC
05 April 2012
London Capital Group plc
("LCG" or the "Company")
Complaints to the Financial Ombudsman update
As previously disclosed, LCG has been responding to a query from
the Financial Ombudsman Service ("FOS") pertaining to commission
rebating of a managed spot FX fund which occurred in H1 09. The
query was in relation to complaints from clients that had
participated in the programme.
The Company has, today, received a judgement from the FOS that
clients previously not determined to be under the protection of FOS
would be considered for compensation. This has led to the Company
recognising as a provision GBP1.9m of the GBP3.3m contingent
liability. The charge will be recognised as an exceptional item in
the 2012 results. The Company is well capitalised and had net cash
resources of GBP25.1m at 31 December 2011.
The Company continues to challenge the assessment and, although
the Directors are confident that there are grounds for challenge,
the outcome of this process continues to be uncertain.
For further information, please contact: www.londoncapitalgroup.com
London Capital Group Holdings plc
Simon Denham, Chief Executive Officer
020 7456 7000
Cenkos Securities plc
Nicholas Wells
020 7397 8900
Smithfield Consultants
John Kiely
020 7360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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