FSCS is aware that B&G Finance Ltd entered administration on April 1, 2020.
The UK Financial Services Compensation Scheme (FSCS) is aware that B&G Finance Ltd entered administration on April 1, 2020. The Scheme says it is ready to start accepting claims against the firm.
From January 2, 2018, B&G Finance Ltd arranged and promoted mini-bonds on behalf of Basset & Gold Plc, which issued the mini-bonds. FSCS has determined that due to mis-selling of these mini-bonds, many Basset & Gold bondholders who bought their mini-bonds through B&G Finance Ltd may be able to claim compensation up to the £85,000 limit.
Although Basset & Gold Plc has also entered administration, FSCS is unlikely to be able to pay compensation based purely on Basset & Gold Plc’s failure to repay the bonds, as issuing bonds is not normally a regulated activity.
Customers who bought their bonds through B&G Finance Ltd can