The Empty Box
Recap: the investment actually went buying a storage unit, then hoping that it will be rented and that the pod will appreciate in value. The price of the pod does not appear to be a market rate and attempting to sell the pod at anything like the purchase price is… well something about snowballs and hell freezing over. Note there are many similar “opportunities” arriving to your spam mailbox.
Let me be clear, there is nothing wrong with anyone renting or offering to rent or run a business that rents storage space. However as a direct investment, you are essentially becoming a business that rents storage space, so do you have all the facts to hand? and even if that is the case, of all the business opportunities “out there” do you really want to rent a box to others for profit? How much of such a business strategy is actually within your control?
There are lots of problems with what happened, for starters the advisers were not authorised (qualified, vetted, approved and regulated) advisers and they breached all sorts of regulatory standards. The processes involved were corrupted and frankly anyone doing even a modicum of research would probably conclude that this is not typical investing.
Unfortunately as the “fund” is unregulated, there is no compensation, despite appearing within a pension.
Tomorrow I will conclude by outlining some of the facts and part-truths from the Radio 4 programme, so that you don’t fall victim to something similar.
You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email firstname.lastname@example.org