Car Parking Schemes have been quite a common investment to be marketed to investors through their SIPP pensions. With promises of “guaranteed” high returns from the rental fees, it’s easy to see why they might be a tempting proposition.
However, because these schemes are high risk and not regulated by the Financial Conduct Authority (FCA) it means there’s no protection for the client. That’s why high-risk investments are generally only suitable for certain investors; who understand and can afford the risks and potential losses.
Unfortunately, some people who invested in these car parking schemes were totally unsuitable for this type of investment in the first place.
Here’s some of the most notable Car Parking Investment schemes.
Best Car Parks, an investment scheme run by Best Asset Management promoting car parking space in Dubai.
Was an investment which featured in controversial Portfolio Six which was run by DFM Greyfriars Asset Management
Another bond scheme linked to Best Asset Management who are not only connected to Greyfriars but to other high-risk investments which were reportedly in Portfolio Six – ABC Bonds and Olmsted Properties.
A sister company to the controversial Storage Pod investment Store First, Park First were subject to an FCA intervention after the regulator decided it was operating as a Collective Investment Scheme (CIS).
CIS are regulated investments and in order for Park First to operate as one, it must also be regulated, which it wasn’t. The FCA then ordered Park First to restructure the investment and give their clients the opportunity to enter into a new arrangement or get their money back.
A statement by the FCA in October 2019 said they had started court proceedings against Park First Ltd, senior managers, CEO Toby Whittaker and several companies connected to Park First in order to seek compensation for investors.
If you’d like to know more about investment mis-selling and how the claims process works, call 0114 266 4216 and talk to our team. Or fill in the enquiry form to arrange a call back at a time that suits you.
We will briefly assess the circumstances of your investment or pension transfer and tell you if we think you may have a case to claim compensation. It’s free and there’s no obligation to use our service.
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You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.