Basset & Gold Finance Ltd

Failed 01 April 2020

FRN: 788684

You might be eligible for compensation

FSCS is aware that B&G Finance Ltd entered administration on 1 April. FSCS is ready to start accepting claims against the firm.

From 2 January 2018 B&G Finance Ltd was authorised by the FCA, and from 1 March 2018, it 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 submit a claim directly to FSCS.

For FSCS to be able to pay compensation, the customer must have been mis-sold their bonds, for example, because they relied on a misleading statement about how Basset & Gold Plc was investing their money. FSCS will also check which firm was responsible for the sale of the bonds.

FSCS is investigating possible mis-selling of the mini-bonds by other related firms prior to 1 March 2018.

We will provide further updates on this page as information becomes available.


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