View more on these topics

Mini bond investors demand answers over outstanding interest payments

Spring Statement PoundsInvestors holding money with Blackmore Bonds continue to express concerns that late interest payments have still not been made, despite contradictory communications from the mini bond provider.

Money Marketing previously reported that Blackmore Bonds, which closed to new business in April, uses the same marketing company that promoted investments on behalf of the now collapsed London Capital & Finance.

Interest coupons that were due to be paid at the end of July were initially blamed on banking system errors.

Money Marketing understands some investors have received their quarterly interest payments, while others are still waiting on sums of up to £600.

A Blackmore spokesman told Money Marketing that all investors had been paid as at last Wednesday.

Mini bond provider linked to collapsed LC&F late paying interest

The latest available accounts, which run up to December 2017, show that Blackmore reported an operating loss of £7.6m.

One investor who spoke to Money Marketing made an initial £20,000 investment for a period of five years in 2015.

The investor was promised returns of 6.5 per cent plus a 5 per cent bonus after the initial five years when the company traded as Blackmore Estates.

They say: “I believe I was missold this as a low risk, protected option. I was recommended this after receiving free financial advice online by a company I now believe to be connected to Blackmore.

Marketing firm behind London Capital & Finance connected to another mini-bond provider

“After the second year, communication stopped completely and after investigation I found estates no longer existed and they had moved to bonds. I was told my investment would remain valid as per initial agreement.

“However, whenever I called the office the staff said I should contact Blackmore Estates  – who no longer existed –  they had no knowledge of my investment and I had no way of tracking it. Investors are now left in the dark wandering what has happened to our investments and if we will ever receive our capital back, let alone interest on it.”

A second investor tells Money Marketing that they have been unable to get in touch with Blackmore Bonds chief executive, Patrick McCreesh.

They say: “I’m really worrying as I am retired and I am depending on this money as part of my pension. I sent two emails yesterday and heard nothing and also tried today with no response.”

At third investor on review website Trustpilot today confirms they are still waiting on interest for their Isa.

They say: “I sent an email yesterday and still no reply and I cannot get through on the phone. No doubt we will now all be worried about regular payments for October going through as well.”

Another investor has also signaled their intention to visit Blackmore Bonds’ London headquarters unless the provider’s executives update communications with investors.

Recommended

Liberty considers ‘baseline premium’ for DB cover

Liberty Specialty Markets is considering a “baseline premium” for defined benefit cover, Money Marketing understands. The company is thought to be taking a “similar approach” to fellow professional indemnity provider, AmTrust, which Money Marketing recently revealed has imposed case limits for DB transfer advice. An industry source says Liberty plans to introduce a baseline premium […]

Platform costs

Quilter replatforming bill rises again

National investment and advice business Quilter will spend another £25m on finishing its delayed replatforming project, financial results released this morning show. While the business formerly known as Old Mutual Wealth says it is making “good progress”, with final software testing in progress and validation of migration data nearing completion, initial migration is still not […]

Iress redesigns Xplan technology

Australian technology provider Iress will release the first of several planned updates to its popular Xplan technology this week in a bid to simplify its usability. Speaking to Money Marketing, Iress executive general manager for wealth Mark Loosmore says the changes follow feedback from consultations with advisers and end-clients. He says: “Our users tell us […]

Sprouting-Money-Growth-Emerging-Currency-700.jpg

7IM increases AUM to £13.3bn

Seven Investment Management has had a decade of continuous growth in assets under management as it reached £13.3bn last year. The total for the year ended 31 December 2018 was up 7 per cent compared to the previous year. Consolidated profit before tax also increased by 17 per cent to £10.5m in the period, while […]

Tax-Taxation-Blocks-700.jpg

For better or worse, or to save IHT!

Karen Playfair, Senior Marketing Consultant I recently got married, and my husband and I realised that as a result we should review our wills – not one of our most romantic moments, but possibly one of our more sensible ones! And even though we both previously had wills, it turns out that when you get […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. No surprises given the background of the two individuals behind Blackmore

  2. These poor people. Their money has probably gone.

    But they shouldn’t worry as the FSCS will determine that they received advice from people who are not regulated to give advice, and innocent advice practices and their clients will pick up the bill.

  3. Wilfrtid John Amies 17th August 2019 at 3:35 pm

    Still waiting for interest due on 31st July

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com