An unauthorised airport car parking investment scheme operator has closed some of its schemes following discussions with the FCA.
According to a notice on the FCA website, Park First Limited, and related entities, was promoting and running the investment schemes.
The FCA took the view they were collective investment schemes, which only authorised firms or people can operate or promote. Park First is unregulated and not permitted to provide regulated financial services.
Park First agreed to stop running and promoting the original schemes and is now offering investors in the car parks in Gatwick and Glasgow the choice of getting their initial investment back or moving into its new lifetime leaseback scheme.
The FCA says the lifetime leaseback scheme is not a collective investment scheme and is not regulated by the FCA.
The regulator says it does not endorse that scheme or any other Park First investment. It also says it has not verified the factual accuracy of the promotional material for the lifetime leaseback scheme.
The FCA suggests that people who have already invested in Park First and are asked to make a choice about what to do with their investment should seek financial or legal advice.
The regulator says it is not taking further action but that it “reserves the right” to do so if it is appropriate.