1981: Raiders of the Lost Ark – Spielberg
I have been reflecting on the difference between fairness and justice and realise that the two are completely different. Hot on the tracks of my share of a £60m bill for the failings of others, there is further news about yet another firm collapsing and as a result likely that further bills will keep arriving for me and many other financial advisers. This time is involves a SIPP provider (HD SIPP) an investment property firm called Arck LLP, an investment called Sustainable Agroenergy Plc and a couple of firms called Sustainable Wealth Investments (UK) Ltd and Sustainable Growth Group (UK) Ltd – ironically named.
The Serious Fraud Office has appointed administrators for the above, which have clearly been found wanting by the SFO. This relates to a so-called green investment fund based on tree plantations in South-East Asia (surely not the setting of the opening sequence to the Indiana Jones film?) and linked to foreign property investments held within a SIPP. I imagine the worst – perhaps that there is a foreign bank involved somewhere and a number of investors promised guaranteed returns. Perhaps this may even involve scams about pension cash liberation, it certainly has all the grubby hallmarks of one. I don’t know the detail and of course innocent until proven guilty, but I can tell you that I get emails every day offering high commissions (very high) for getting investors into these sorts of arrangements. However, quite apart from the fact that I work on a fee basis anyway, these are almost always “too good to be true” and are based on the most flimsy of information. Sadly there are still many “advisers” that will recommend this sort of rubbish, even the most basic of research should have revealed some problems. Here is the most basic financial planning principle of them all. If it seems to good to be true, it almost certainly, almost always is (i.e.not true). Here is also a helpful link to the SFO’s current known scams.
If you know anyone that may have got involved with any of these companies, here is a link that will be helpful. Sadly this is likely to mean yet another large compensation levy for yours truly, despite never even entertaining the notion of arranging these sorts of investments.
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