A secret investigation has seen the Department of Trade and Industry seeking to shut six property investment companies which claimed to show investors how to get rich quick through buy-to-let portfolios.The firms are Sterling Mansion (UK), Mansion Investments, SMI (Overseas), Turningpoint Seminars, Portfolios of Distinction and CM2. Sterling Mansion (UK) and Mansion Investments claimed to offer the opportunity to build a £1m BTL property portfolio within a year for a fee of £30,000 while SMI Overseas claimed investors could build multi-million-pound property portfolios. Turningpoint Seminars ran courses costing £6,000 for prospective investors, claiming to show how BTL properties could be bought without a deposit. Portfolios of Distinction offered a scheme claiming to build a £1m property portfolio for a fee of up to £50,000. CM2 Services offered an investment scheme to some members of these firms, claiming to invest in the purchase of uncollected debts with investors told they would get up to 100 per cent returns within 12 months. The Association of Residential Letting Agents welcomes the DTI’s action to have the firms wound up by the High Court. Chief executive Adrian Turner says: “We can only hope that news of the DTI action gets around fast so no more people are promised the Earth at exorbitant prices but make informed decisions based on professional advice which is available to them free.” The firms have been placed in the hands of the Official Receiver.
Abbey has appointed Paul Bradshaw, part of the team responsible for founding Skandia Life, as chief executive of insurance and asset management.
Selestia is adding 23 Schroder funds to its collective investment bond and offshore collective investment bond products.
Threadneedle is replacing Darrel ODea with Phil Cliff as manager of its European Select Growth fund.The fund invests in a concentrated portfolio of funds in continental Europe or which have continental European operations. It is up 10.9 per cent over a year, down 13.5 per cent over five years.Cliff has been number two on the […]
A few years from here, the UK financial advisory landscape is going to look a lot different. Depolarisation, with its payment menu, the arrival of wrap providers, the enhancement to supermarket platforms and the reaction of life companies with their own administration platforms and open architecture around their products will all combine to shape this […]
Jelf Employee Benefits highlights new legislation, key requirements and policy considerations when structuring international private medical insurance (IPMI) for expatriate employees in Qatar. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Qatar.
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Fund managers who have helped pay compensation over the collapse of life settlement bond provider Keydata will receive a £12m refund, the Financial Services Compensation Scheme has announced. Keydata’s management has been embroiled in a multi-million-pound legal battle with the FCA since it collapsed in 2009. The total bill for compensation stands at more than […]
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