Wednesday, 12 December 2018

London Capital Finance - FCA FSCS Shutdown?

It appears that the FCA have finally taken some action against London Capital & Finance for promoting their bonds to investors that appear to be savings accounts and seriously underplay the risks involved in the investment.

London Capital Finance FCA FSCS Shutdown
London Capital Finance - FCA FSCS Shutdown?
The London Capital Finance website is now showing a message that the FCA have required them to remove all marketing material from their site. Hopefully this means that they will now need to look whether the investors of their bonds have been suitably advised of the risks involved and that they should be significant net worth investors to invest in the schemes.

Thursday, 15 November 2018

Theresa May - Is This Her Way Forward with Brexit?

Could this be the next big speech that Theresa May gives as Prime Minster?

"As your PM I’m speaking to you as we face one of the most critical moments in our country’s recent history. I was elected to deliver Brexit and over the last 2 years I’ve been working to that goal along with other colleagues who were part of the Leave campaign. This week we achieved a deal that I believe respected the result of the referendum as well as protecting our country from the damage that a disorderly Brexit would entail. I believed that all members of the cabinet were agreed that this was the way forward but it now appears that some Brexit supporters no longer agree. This further demonstrates the number of variations of Brexit that different people believe the referendum result justifies and the contradictions behind many of these positions are now being exposed. As the result was close I felt that the deal we have agreed is one that could bring the country together by enabling Remain supporters to unite behind it."

"Furthermore it appears that there is insufficient support in Parliament for the agreement and that we will be unable to ratify the deal with the EU. Although I believe this deal is the best we can obtain given the result as Donald Tusk has highlighted today it is still a lose-lose arrangement compared to our current membership. I have previously stated that there would be no further vote on this deal but in light of these circumstances and the lack of support from the key Leave campaign members I believe that putting this deal back to the people is the only viable solution. The people instructed us to start the Leave process so I believe the people should give their view whether they still want to proceed on the basis of the deal that we have agreed."

After such a rollercoaster ride it's anyone's guess whether this could happen very soon!

Friday, 2 November 2018

Park First Investment Refund Payout - Early Repayment of Car Park Spaces

A number of customers of Park First car parking investments have requested refunds and payout of the money that they paid for the car park spaces. Payout looks like it can take up to a year if successful but there is no guarantee that any money will be returned by Park First as a similar investment scheme that they ran called Store First has failed to repay investors, some of whom have lost tens of thousands of pounds.

One investor has reported that even trying to get the correct paperwork to register for a refund has taken many months so it seems that anyone wanting to get their money back has a long wait on their hands -if the money is paid out at all.

Park First Investment Refund Payout
Park First Investment Refund Payout

Thursday, 18 October 2018

London Capital Finance - Companies House Fraud Loophole Delaying Filing

LCF seem to have found a loophole with Companies House filing to avoid any review of their accounts and prevent them being made public. By reducing their accounting period by 1 day it gives them another 3 months to submit their accounts and avoid any scrutiny of the numbers and their profit & loss statements.
London Capital Finance Fraud Loophole
London Capital Finance Fraud Loophole

If you were a fraudulent company trying to avoid any warning to investors that you were having trouble with your finances then this would be a perfect tactic to prevent such information going public. This isn't to suggest that London Capital Finance are fraudulent or anything other than a genuine company offering unregulated investments that could lose all your money but their tactics do raise concerns about their transparency.

This is not the first time that London Capital and Finance have adjusted their reporting period so that the accounts do not need to be submitted to Companies House. You can see from the link that it is something that have now done on quite a few occasions and delayed their 2017 accounts due in October 2017 to February 2018. They seem to be following the same pattern again this year.

Is Review Your ISA a scam or Genuine Investment?

A company called Review your ISA are advertising on Facebook. When you dig into their website the following info is shown:


I declare that I am a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act (Financial Promotion) Order 2005.

I understand that this means:

I can receive financial promotions that may not have been approved by a person authorised by the Financial Services Authority;
the content of such financial promotions may not conform to rules issued by the Financial Services Authority;
by submitting my details, I may lose significant rights;
Is Review Your ISA a scam or Genuine Investment?
Is Review Your ISA a scam or Genuine Investment?
Despite using the words SAVINGS and ISA and interest, this is an INVESTMENT product that risks your money. It is NOT a savings account or savings bond. If you believe your money is safe then you are being misled. Stating it is asset backed is meaningless, there is no guarantee any assets will cover the money you are paying to them.

If you are looking to use this company remember you could lose ALL your money and make sure that the statements above actually apply to you - not many people applying for what is advertised as bonds can say they are high net work and sophisticated investors.

Monday, 15 October 2018

Universal Wealth Preservation Trust Fraud

A firm called Universal Wealth Management that promised to protect from Inheritance Tax has collapsed risking customers losing their life savings and potentially houses. People had transferred their assets into trusts controlled by Universal Wealth preservation which means they no longer own them. As a result they will avoid IHT but also have no ownership of the assets and rely on the honesty of the the Universal Wealth team to get their homes or savings.

Many people were warning about this company as far back as 2014 on the Money Saving Expert forums but were being threatened with legal action to remove their comments. In hindsight it appears that these concerns were valid and should have been heeded.

Even on my blog I'd warned about Universal Wealth Preservation Trust some months ago

Monday, 8 October 2018

Is Park First Airport Parking an Investment Scam? Complaints about Airport Parking Investment Bonds

As per the Store First storage pods there are now complaints coming out about Park First airport parking investments where they sell you a parking space near an airport with a guarantee that you will be paid 8% or so income for a number of years.

Exactly the same model was used for Store First where a lot of people got their fingers burnt when the company stopped trading and the storage pods were shown to be worthless. People are now complaining that they are unable to get their money back from Park First and have been waiting many months.

It has also been reported on the MSE forum that Park First has no significant assets and that the company accounts show "it held no tangible assets (its only assets were £10k worth of "patents and licences" and £515k of debtors, mostly trade debtors). The land is presumably owned by other Group First companies."

Park First are not the only company offering similar airport parking investment, another one called Aston Darby is selling the same sort of thing.

Is Park First Airport Parking an Investment Scam? Complaints about Airport Parking Investment Bonds
Is Park First Airport Parking an Investment Scam? Complaints about Airport Parking Investment Bonds

If you are considering investing your pension lump sum in this sort of investment scheme then be very wary as it could mean you lose ALL your money. It certainly isn't a zero risk savings product.