UK London & Capital & Waverton Investment Management to Rebrand as W1M after Merger to Create $27 Billion Wealth Management Group, London Capital & Finance Entered into Administration in 2019 after UK FCA Ordered Firm to Withdraw Misleading Promotional Material on the Sale of Mini-Bonds. UK Government & Authorities Paid $224 Million In Compensation to Bondholders after Collapse of London Capital & Finance
25th March 2025 | Hong Kong
UK London & Capital & Waverton Investment Management have announced to rebrand as W1M after their merger which will create a $27 billion wealth management group. In 2024 August, the UK Financial Conduct Authority (UK FCA) has fined PwC $19.5 million (£15 million) for failure to alert the UK FCA on suspected fraud during 2016 audit of London Capital & Finance, with PwC reporting audit of 2016 accounts were accurate. London Capital & Finance entered into administration in 2019 after the UK FCA ordered the firm to withdraw misleading promotional material on the sale of mini-bonds. UK government & authorities had paid $224 million in compensation to bondholders after the collapse of London Capital & Finance. Announcement (25/3/25): “Following the merger of London & Capital (“L&C”) and Waverton Investment Management (“Waverton”) in July 2024, the company announces today that it will be consolidating its brands under a new name, W1M. The launch of W1M signals the coming together of two highly successful firms and coincides with the combined business surpassing £21 billion of assets under management, placing it amongst the largest wealth managers in the UK. The firm has now set itself the target of expanding its market share and becoming the preeminent wealth and investment manager for high net worth and ultra-high net worth clients, charities and institutions. W1M will embody the strengths of both firms, offering clients an exceptional breadth and depth of services, encompassing cross-border advisory capabilities, institutional-quality investment management, and leading global tax and consolidated portfolio reporting, alongside access to more experts than ever before. These capabilities are designed to addresses the increasing complexity, internationalisation and intergenerational requirements of wealthy families. The investment philosophy of both firms – Global, Active and Direct – will continue, and William Dinning, previously Chief Investment Officer at Waverton, will retain this role in the merged firm. W1M will also continue its long history of working in partnership with Independent Financial Advisers, providing them and their clients with access to its market leading investment solutions … … The new name harks back to the heritage of both companies – W1M was the postcode of the first London & Capital office and closely echoes the acronym, WIM, of Waverton Investment Management. As part of the merger, W1M’s teams will be united at their new head office, 16 Babmaes Street, London, SW1Y 6AH, by the end of 2025.”
“ UK London & Capital & Waverton Investment Management to Rebrand as W1M after Merger to Create $27 Billion Wealth Management Group, London Capital & Finance Entered into Administration in 2019 after UK FCA Ordered Firm to Withdraw Misleading Promotional Material on the Sale of Mini-Bonds. UK Government & Authorities Paid $224 Million In Compensation to Bondholders after Collapse of London Capital & Finance “
UK Financial Conduct Authority Fines PwC $19.5 Million for Failure to Alert UK FCA on Suspected Fraud During 2016 Audit Of London Capital & Finance with PwC Reporting Audit Of 2016 Accounts were Accurate, London Capital & Finance Entered into Administration in 2019 after UK FCA Ordered Firm to Withdraw Misleading Promotional Material On The Sale Of Mini-bonds. Uk Government & Authorities Paid $224 Million In Compensation To Bondholders After The Collapse Of London Capital & Finance
21st August 2024 – The UK Financial Conduct Authority (UK FCA) has fined PwC $19.5 million (£15 million) for failure to alert the UK FCA on suspected fraud during 2016 audit of London Capital & Finance, with PwC reporting audit of 2016 accounts were accurate. London Capital & Finance entered into administration in 2019 after the UK FCA ordered the firm to withdraw misleading promotional material on the sale of mini-bonds. UK government & authorities had paid $224 million in compensation to bondholders after the collapse of London Capital & Finance. UK FCA (16/8/24): “The FCA has fined PricewaterhouseCoopers LLP (PwC) for failing to report to the regulator their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm. wC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information. PwC found the audit very complex, and it took considerably longer to complete than anticipated. LCF’s actions, and PwC’s own work on the audit, led PwC to suspect that LCF might be involved in fraudulent activity. PwC was duty bound to report those suspicions to the FCA as soon as possible, but they failed to do so. PwC eventually satisfied itself that LCF’s 2016 accounts were accurate. Whether or not its suspicions remained, it still had an obligation to report its previous concerns to the FCA. LCF went into administration in January 2019 after the FCA ordered the firm to withdraw misleading promotional material for the sale of mini-bonds. Thousands of investors were misled because they were not given the full picture about the risks of the product. The Serious Fraud Office has an open criminal investigation into the failure of LCF.” Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA: “Auditors have a central role to play in keeping our markets clean. They have privileged access to information and they are required by law to report suspicions of fraud to the FCA.”
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