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FCA Steps in to Halt Mini-Bond Sales

Regulator to impose temporary ban on mini-bond sales to retail investors next year amid concerns over the promotion of these high risk and hard-to-understand products. The City regulator has banned the sale of mini-bonds in the wake of a number of a scandals that have cost investors millions in the past few years. The Financial Conduct Authority (FCA) has intervened to temporarily stop the promotion of mini-bonds to most retail investors for the whole of 2020. Usually, the FCA would need to have a consultation period, seeking views from the industry and consumers, but the regulator is using its “temporary product intervention” powers because of “our significant concerns with the widespread m

Basset & Gold scales back UK operations amid negative mini-bond sentiment

BASSET & Gold has scaled back its UK operations and is reassessing its focus in the wake of the collapse of London Capital & Finance. The firm, which issues mini-bonds that finance UK lending platforms and direct loans, has told Peer2Peer Finance News that it is reassessing its target audience and geographical priorities, which has led to a scaling back of its UK team. Former executive director and relationship manager Daniel Smith has left the company and has been replaced on the board by Lisanne Mealing. Compliance consultant Michael Messervy and marketing manager Nicolas Walters have also left the firm. ' The changes have been blamed on negative sentiment towards the mini-bond market foll

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