Hi folks,
Has anyone any experience of this investment? it claims to be a 10% pa yield with guaranteed capital return backed by the Uk Government after 3 years. I am keen to understand if there are any things to watch out for?
Thanks
These guys had an advert in yesterday's Sunday Independent.
I don't know if they are covered by the Central Bank's rules, but these rules are a good guide to go by anyway.
You should avoid this investment
1) They do not mention who the company is where you are making your investment - no website - no physical address - no nothing - just a phone number
2) I suspect that it is an unregulated investment - so if anything goes wrong, you won't be protected by the Ombudsman. You may be able to appeal to a UK court, but I don't know.
3) What does "backed by the UK Government" mean? Are they guaranteeing your investment? I doubt it. Are they guaranteeing the return? I very much doubt it.
4) if someone is offering 10% return - it is too good to be true, especially if you don't know whom you are investing with and where they are.
I have referred the ad to the Central Bank for investigation.
It is certainly not backed by the UK Government. Haven't looked in detail at it but from first glance it would appear high risk. Also the investment mechanism through a SPV is complicated. Like Brendan, curious as to whether they are authorised to offer this without Central Bank approval.