Bank of England paves way for Britain to cut interest rates before the US: Nothing to stop us going first, says governor Bailey
Cameron left red-faced again in Greensill fiasco: Shamed tycoon sues Government over alleged leak
Bailey pulls his punches on rates yet again, but the Bank needs to deliver on lowering borrowing costs soon: ALEX BRUMMER
Our mortgage valuation says the house we're buying is worth £40,000 less: What should we do and can we appeal?
Bank of England holds interest rates at 5.25% for sixth time in a row - what it means for YOUR mortgages and savings
Scottish Power says our energy meters are now too old - is this a ruse to force us to get a smart meter?
No saving this popular family car: Ford confirms it will cull another of its best-selling petrol models next year to focus on EVs despite demand slump
Are you a Wetherspoon lover or hater? LEE BOYCE and SIMON LAMBERT have very different opinions on the pub giant that's flying high...
MARKET REPORT: North Sea giant Harbour Energy closes in on £9bn deal to take over German rival's oil and gas assets
Takeover target Wood Group hit by slump in revenues as bidders circle the oil industry engineer
Vodafone told to set up a security committee to 'oversee sensitive work' as £15bn Three deal is given the green light
ITV hopes for summer advertising boom as it continues to reel from last year's Hollywood strikes
Spanish bank BBVA goes directly to shareholders as it steps up bid for TSB owner Sabadell
Watches of Switzerland buys Italy's Roberto Coin for £104m in bid to expand in the lucrative luxury jewellery market
CRANE ON THE CASE: Air Mauritius lost my luggage and ruined my holiday but its compensation offer is terrible - what can I do?
I want to invest £600 a year for my new baby, what is the best way to do it - and how much could it grow to?
Artificial grass can lead to increased flooding risk, major insurer warns - so should you ever get a plastic lawn?
Get 5.6% interest with this quirky 365-day notice savings account that beats the top one-year fixed rates
Spring property bounce is a damp squib: Estate agents says rising mortgage rates keep buyers at bay
Zoning out: Why London renters are swapping Clapham and Camden for Abbey Wood and Forest Gate
JLR offers £150 a month towards the cost of insuring new Range Rover models to encourage sales after theft concerns
Ford boss says it may restrict petrol models in the UK to hit EV sales targets and avoid crippling fines
Used car sales hit a five-year high as fresh supply of second-hand motors enter the market and prices drop
Scottish Widows gave me access to a stranger's £40,000 pension - so could they get at my six-figure pot?

London Capital chief in U-turn over glitches

By Daily Mail Reporter
Updated: 03:43 EDT, 15 February 2011

View
comments

London Capital's chief executive Simon Denham was forced into a humiliating volte-face yesterday, warning the spread betting firm could be forced to fork out £7.7m by the financial ombudsman.

The group, which owns the Capital Spreads brand and operates third party sites for Paddy Power and PartyGaming, had last month promised that glitches in its system were not financially material.

The development wiped 20% off the shares (down 19p to 80p).

The Ombudsman ruled LC had to repay £100,000 to a client who lost funds on a currency gamble. The ruling could pave the way for 114 other claims.

The problem was connected to a site LC operated for the now defunct UK Integrity Group which meant clients were told they had more funds than they really did.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.