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FCA takes action against unauthorised car park investment scheme

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.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Interesting that the model for ParkFirst is essentially the same as that for StoreFirst but that the regulator continues to stay silent and action-less on the latter?

  2. Bethell Codrington 5th December 2017 at 8:43 am

    If in breach of FSMA 2000 that normally would be a prosecution. Why have FCA let them off with “a cosy chat”?

  3. The FCA is setting a very interesting (dangerous) precedent here: you can sell regulated products without being an authorized firm, and then force your clients to restructure in a far inferior product and be left off the hook by the public authorities. Even better, they will guide you on how to avoid being regulated so you can continue to perpetrate your abuse freely

  4. […] the view that Park First was promoting a collective investment scheme without authorisation and in December Park First agreed to stop promoting the original schemes and move to a “lifetime leaseback” model, which the FCA agreed was not a collective […]

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