The news that the holders of Lloyds bonds (ECNs) have lost their legal battle in the Supreme Court reinforces the message that when it comes to investing in bonds, you should trust nobody - not the issuer of the bonds, your friendly stockbrokers and wealth managers who advise you, or the FCA to protect your interests.
The bondholders won their case initially in the lower courts, that Lloyds should not be able to force redemption of these bonds at par. But after ...