IFA  

Letter to the Editor: FCA unmoved by DIY rental empire online

Financial Adviser

One Monday evening before Christmas I was scanning the news when up it flashed in my mind, the warning signal which one gets after a mere 48 years in financial services: there on the screen was a wonderful opportunity to invest in shipping containers and obtain "up to 26 per cent with a potentially higher return rental strategy".

So I felt it my duty, as a directly regulated IFA, to have a look at the website, confirm my suspicion and contact the FCA to make them aware of this investment.  I remembered the shipping container scam of some 30-plus years ago.

On looking at the website it shows that this is an unusual investment with many pitfalls. On delving deeper on the site there was a link showing plenty of complaints. So, I duly phoned the FCA only to be advised by the very polite lady who had a look at the same web pages that this type of direct investment was not "covered" by the FCA as it was not a "collective" and that I should contact Trading Standards.

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Ladies and gentlemen in the financial services, I thought you should know what you are paying for in your fees for regulation. I did explain my background, qualifications, credentials and of course gave my membership number to the lady at the FCA.

Thus, I was advised that a Ponzi scheme is of no interest to the FCA. Have I missed the point somewhere?

Name and address supplied