Trading platform pays out £1.2m in Integrity claims

London Capital Group, an online trading platform, has paid out £1.2m to investors who invested via the failed Integrity product over losses linked to commission rebating of the fund in the first half of 2009.

In a statement to the London Stock Exchange, London Capital Group - the online trading company which is not to be confused with independent wealth management group London & Capital - said during the second half of 2012 the group made a settlement offer to outstanding Financial Ombudsman Service (FOS) complainants, of which 26% accepted. This led to a net payment of £1.2m and the release of £0.7m of the provision made. This follows a FOS decision in February 2011 which ruled London Capital group had to pay £100,000 in compensation, plus interest to an investor in its managed spot FX fu...