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 were advised to invest in these schemes were totally unsuitable for this type of investment in the first place.
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.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
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