FCA puts stop to dodgy car park investment plan aimed at retirees

Published:  19 Dec at 6 PM
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Britain’s Financial Conduct Agency is in top gear nowadays as regards shutting down dodgy and downright fraudulent investments affecting not just British residents but also UK retirees overseas.

The FCA's latest target, Park First Ltd, was found to be giving financial advice related to its airport parking investment scheme without first being authorised by the FCA, and has now been told to stop touting the product. Investors are being given a choice of their money back or joining in a lifetime leaseback plan.

According to an FCA spokesperson, the airport parking investment scheme is considered a potentially high-risk collective investment scheme, meaning the company should have requested authorisation from the authority. The watchdog has decided not to take further action against Park First, but is reserving the right to do so if future actions warrant further intervention, and is refusing to endorse any of Park First’s investment packages.

FCA officials are also advising current investors to take independent financial advice as to their decisions to to either take back their cash or continue with the company’s new leasing scheme paying returns of just two per cent per year rather than the quoted up to 12 per cent on the initial scheme as well as on the company’s alternative storage unit investment pushed by Store First. It’s just possible there won’t be many takers at two per cent, even although Park First’s website is still up.

Before making their minds up, potential expat and British resident Park First investors might like to check out a pensions advisory company known to the FCA, whose former director was recommending investments with Park First. SIPPS provider Montpelier Pension Administration Services’ former director Kevin Wells was banned by the FCA but is now back in business touting high risk alternative investments offering returns of the same 12 per cent.

Wells is now business developer at GoBVM, and is attempting to employ introducers for a range of alternative high-risk investments targeting cash and pension pot investors. Two deals featured on GoBVN’s website are – yes, you’ve guessed it – Park First and Store First, promising 12 per cent in years five and six of a six-year lock-in. It seems however hard the FCA tries to protect elderly retirees at home and however often articles warning expats overseas about financial scams appear online, the scammers are still active and thriving.
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