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  • FIRST POST
    • Reaper
    • By Reaper 9th Aug 17, 2:32 PM
    • 6,142Posts
    • 4,381Thanks
    Reaper
    Asset Life Plc
    • #1
    • 9th Aug 17, 2:32 PM
    Asset Life Plc 9th Aug 17 at 2:32 PM
    The previous Asset Life thread got deleted by the looks of it. This one probably will too but maybe if everybody sticks to facts and avoids opinions it might survive. I think it is useful for those considering investing who wish to know more about it.

    Here are few facts I think are worth mentioning:

    FCA Authorisation
    Asset Life are not FCA authorised. Section 21 of the Financial Services and Markets Act 2000 says this means they are not allowed to issue any financial promotion, including via web sites. However there is an exemption if another authorised firm approves and signs off on the promotion. According to their web site it was "Approved for the purposes of s21 FSMA by Opus Capital Limited FCA No. 403428"
    However Opus Capital Ltd has been liquidated and lost their FCA authorisation.
    Are they are able to continuing using previously approved material? I am guessing they can but perhaps somebody can confirm.

    Guarantee
    A guarantee is offered via Klapton Insurance, previously known as Sinclair Insurance Company, owned by Shay Reches and registered to the Autonomous Island of Anjouan, Union of Comoros. Shay Reches was previously fined over £1m by the FCA and was forced to pay over £13m in compensation over a previous insurance scheme. Mr Reches was also prohibited by the FCA from performing any function in relation to any regulated activity.
    https://www.fca.org.uk/news/press-releases/financial-conduct-authority-takes-disciplinary-action-against-five-individuals

    Shay Reches was also a director of GEF Guarantee Equity UK Limited who previously offered the guarantee for Asset Life. It has been liquidated.
    Last edited by Reaper; 14-09-2017 at 1:57 PM.
Page 1
    • dunstonh
    • By dunstonh 9th Aug 17, 2:54 PM
    • 89,513 Posts
    • 55,948 Thanks
    dunstonh
    • #2
    • 9th Aug 17, 2:54 PM
    • #2
    • 9th Aug 17, 2:54 PM
    And here is a good guide written by the FCA about unregulated collective investment schemes that can apply to any unregulated investment:
    https://www.fca.org.uk/consumers/unregulated-collective-investment-schemes
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Malthusian
    • By Malthusian 9th Aug 17, 3:14 PM
    • 3,280 Posts
    • 4,980 Thanks
    Malthusian
    • #3
    • 9th Aug 17, 3:14 PM
    • #3
    • 9th Aug 17, 3:14 PM
    That reminds me, I never did bother to read that PM I got.

    Anyway, before I read it, here's another fact about Asset Life plc: you can still see the old thread on Google's cache, at least for the moment, and only the first page.

    Hypothetically, if someone were to save a copy of it on their hard drive, then anyone interested in what Asset Life plc didn't want people to see could PM them for a copy. However if someone asked me whether I'd done such a thing, I'd have to remind them that it would probably be against MSE's Ts and Cs.
    • cloud_dog
    • By cloud_dog 9th Aug 17, 3:31 PM
    • 3,250 Posts
    • 1,812 Thanks
    cloud_dog
    • #4
    • 9th Aug 17, 3:31 PM
    • #4
    • 9th Aug 17, 3:31 PM
    The previous Asset Life thread got deleted by the looks of it. This one probably will too but maybe if everybody sticks to facts and avoids opinions it might survive. I think it is useful for those considering investing who wish to know more about it.

    Here are few facts I think are worth mentioning:

    FCA Authorisation
    Asset Life are not FCA authorised. Section 21 of the Financial Services and Markets Act 2000 says this means they are not allowed to issue any financial promotion, including via web sites. However there is an exemption if another authorised firm approves and signs off on the promotion. According to their web site it was "Approved for the purposes of s21 FSMA by Opus Capital Limited FCA No. 403428"
    However Opus Capital Ltd has been liquidated and lost their FCA authorisation.
    Are they are able to continuing using previously approved material? I am guessing they can but perhaps somebody can confirm.

    Guarantee
    A guarantee is offered via Klapton Insurance, previously known as Sinclair Insurance Company, owned by Shay Reches and registered to the Autonomous Island of Anjouan, Union of Comoros. Shay Reches was previously fined over £1m by the FCA and was forced to pay over £13m in compensation over a previous insurance scheme. Mr Reches was also prohibited by the FCA from performing any function in relation to any regulated activity.
    https://www.fca.org.uk/news/press-releases/financial-conduct-authority-takes-disciplinary-action-against-five-individuals

    Shay Reches was also a director of GEF Guarantee Equity UK Limited who previously offered the guarantee for Asset Life. It has been liquidated.
    Originally posted by Reaper
    A very useful and factual summary of the position regarding Asset Life offering.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • talexuser
    • By talexuser 9th Aug 17, 11:12 PM
    • 2,283 Posts
    • 1,761 Thanks
    talexuser
    • #5
    • 9th Aug 17, 11:12 PM
    • #5
    • 9th Aug 17, 11:12 PM
    It would be good to see this thread get to the top of a google search for Asset Life too.
    • Malthusian
    • By Malthusian 10th Aug 17, 9:13 AM
    • 3,280 Posts
    • 4,980 Thanks
    Malthusian
    • #6
    • 10th Aug 17, 9:13 AM
    • #6
    • 10th Aug 17, 9:13 AM
    I think it will be the top result as soon as Google's crawlers realise that the old thread on Asset Life plc has been deleted. At the moment it is listed as a sub-heading under the old thread.
    • TrustyOven
    • By TrustyOven 10th Aug 17, 1:10 PM
    • 668 Posts
    • 706 Thanks
    TrustyOven
    • #7
    • 10th Aug 17, 1:10 PM
    • #7
    • 10th Aug 17, 1:10 PM
    So a financial advisor recommended Asset Life PLC?

    https://www.youtube.com/watch?v=GzlY_I1SPhI
    Goals
    Save £12k in 2017 #016 (£4212.06 / £10k) (42.12%)
    Save £12k in 2016 #041 (£4558.28 / £6k) (75.97%)
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    • Reaper
    • By Reaper 10th Aug 17, 3:10 PM
    • 6,142 Posts
    • 4,381 Thanks
    Reaper
    • #8
    • 10th Aug 17, 3:10 PM
    • #8
    • 10th Aug 17, 3:10 PM
    According to their most recent accounts
    T D Mitchell, M J Binks and L J Russell are also directors of Anglo Wealth Limited. At the year end, Anglo Wealth Limited owed Asset Life plc £303,034 (2015: £214,934).
    The FCA issued a warning about Anglo Wealth Limited
    https://www.fca.org.uk/news/warnings/anglo-wealth-limited-t-anglo-wealth-investments
    • Reaper
    • By Reaper 12th Sep 17, 5:14 PM
    • 6,142 Posts
    • 4,381 Thanks
    Reaper
    • #9
    • 12th Sep 17, 5:14 PM
    • #9
    • 12th Sep 17, 5:14 PM
    Both Anglo Wealth and Asset Life get a write up in this newspaper article: Cold Callers too good to be True?
    A director of both companies says of the FCA published warning about them:
    “They put that warning up there because, at the time, they didn’t know what Anglo Wealth was or what it was doing,” he said. “Once they are satisfied – and they will be – there will be no more calls to keep that warning in place.”
    That was 3 years ago.
    • Malthusian
    • By Malthusian 13th Sep 17, 10:48 AM
    • 3,280 Posts
    • 4,980 Thanks
    Malthusian
    Interesting that when Googling for "asset life plc" the old MSE thread now appears at the top of page 2. Which is nowhere, and of course the link is a 404 anyway, unless you know to click the small arrow leading to the cached version. This thread now doesn't appear on Google at all.

    The first page on Google now mainly consists of Asset Life's website and other pages under its control such as its Facebook page. The exception is a website called FPML Alternatives which arranges "alternative investments" - in addition to Asset Life plc this includes Dolphin Capital and Store First. Needless to say a search for FPML Alternatives on the FCA register gives no results.
    • Reaper
    • By Reaper 14th Sep 17, 1:58 PM
    • 6,142 Posts
    • 4,381 Thanks
    Reaper
    It is a shame it figures so poorly in Google searches. I have changed to title to add "Plc" on the end to see if that helps.
    • cloud_dog
    • By cloud_dog 14th Sep 17, 2:22 PM
    • 3,250 Posts
    • 1,812 Thanks
    cloud_dog
    Looking better....5th in google's list
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • ColdIron
    • By ColdIron 9th Nov 17, 5:04 PM
    • 3,568 Posts
    • 4,274 Thanks
    ColdIron
    I note from their web site that their Investment Cover is provided by Klapton Insurance

    Klapton Insurance is an insurer and reinsurer registered in the Autonomous Island of Anjouan, Union of Comoros
    The Autonomous Island of Anjouan is located in the Indian Ocean between Mozambique and Madagascar
    • cloud_dog
    • By cloud_dog 9th Nov 17, 5:07 PM
    • 3,250 Posts
    • 1,812 Thanks
    cloud_dog
    I was having a look around for investments and came across this thread about Asset Life. I did some more research and found out that the information isn't entirely true on here.
    They ARE FCA authorized and the news article posted on this thread is just about Angelo Wealth... it doesn't mention Asset Life doing anything without permission from the FCA . So I'm a little unsure as to why this thread makes it seem like Asset Life is a bad company to invest into when they're just like other investment companies I've been researching e.g Blackmore Bonds, London Capital and Finance PLC etc.

    I need someone to help me clarify about this company. I've been reading blogs and seen their promotions, so far they give a higher return and like all other investments they do mention your capital may be at risk.

    Should I look to invest into this company? There's a new series starting next week, sounds interesting...
    Originally posted by Lollipop99
    Ok, I'll try to help you out...

    Assuming we are talking about the same Asset Life PLC company then:

    a) A search of the FCA register.... Our survey says, Nooooo
    b) A quote from Asset Life PLC website:

    "RISK; Asset Life has entered into an agreement with Klapton Insurance Company Limited whereby each Lender will receive surety from said company up to the amount of each loan and cover accrued interest subject to terms. All investments entail risks. Asset Life is not regulated by the Financial Conduct Authority (FCA) and lenders will not covered by the Financial Service Compensation Scheme (FSCS). There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate their ability to invest for a long term especially during periods of a market downturn."

    Hopefully you will find this information interesting and hopefully...cool.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • antrobus
    • By antrobus 9th Nov 17, 5:14 PM
    • 15,263 Posts
    • 21,779 Thanks
    antrobus
    Ok, I'll try to help you out...

    Assuming we are talking about the same Asset Life PLC company then:

    a) A search of the FCA register.... Our survey says, Nooooo
    b) A quote from Asset Life PLC website:
    Originally posted by cloud_dog
    That's about it.

    What Asset Life says is this;

    Asset Life Plc is registered in England, no: 09144715 with the registered office: 4 Devonshire Street, London W1W 5DT.
    Approved for the purposes of s21 FSMA by Opus Capital Limited FCA No. 403428


    For one thing, s21 FSMA only relates to Restrictions on financial promotion, for another thing Opus Capital Limited is 'No longer authorised' by the FCA.

    https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfXDcAAN

    Doesn't fill me with confidence.
    • jimjames
    • By jimjames 9th Nov 17, 5:19 PM
    • 12,179 Posts
    • 10,695 Thanks
    jimjames
    Asset Life PLC investment reviews - is it a scam?
    Thanks for the research cloud_dog, that's useful to know. I certainly won't be investing any of my money in Asset Life plc.

    In the words of the dragons, I'm out....

    They ARE FCA authorized and the news article posted on this thread is just about Angelo Wealth... it doesn't mention Asset Life doing anything without permission from the FCA . So I'm a little unsure as to why this thread makes it seem like Asset Life is a bad company to invest into
    ol:
    Originally posted by Lollipop99
    Where did you get the suggestion that Asset Life plc are FCA authorised when their website says they aren't? I think that not being authorised and offering an investment where you can lose all your money makes Asset Life plc a bad company to invest in for the majority of the population who are not high net worth individuals and can't afford to risk losing their money
    Last edited by jimjames; 09-11-2017 at 5:22 PM.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • dunstonh
    • By dunstonh 9th Nov 17, 5:25 PM
    • 89,513 Posts
    • 55,948 Thanks
    dunstonh
    So I'm a little unsure as to why this thread makes it seem like Asset Life is a bad company to invest into when they're just like other investment companies I've been researching e.g Blackmore Bonds, London Capital and Finance PLC etc.
    Have you read the other threads on those companies as well?

    I need someone to help me clarify about this company. I've been reading blogs and seen their promotions, so far they give a higher return and like all other investments they do mention your capital may be at risk.
    No. Your Capital IS at risk. This is an unregulated, 100% capital at risk instrument. It is not a retail financial product. Nothing "may" about it.

    Should I look to invest into this company?
    Whilst mini-bonds are technically legal and valid, they are not meant to be sold like a retail financial product. i.e. they should not be marketed to inexperienced retail consumers. There have been a number of failures in these with many resulting in total loss. They are really meant for experienced investors with high net worth who would typically put no more than 5% of their investable wealth into one.

    Mini bonds are not all created equal. Whilst most of them are high risk, there are the ultra high risk ones. Typically those issued by companies not regulated at any level and in locations that are not generally associated as being a financial centre.

    So, if you can accept losing 100% of your capital on anything you invest and accept that this particular instrument is higher risk than anything on your typical risk scale, then go for it. Its your money to lose.

    If I was to be honest and say what I think, I would be taking another enforced break as some snowflake would report it.
    Last edited by dunstonh; 09-11-2017 at 5:27 PM.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • cloud_dog
    • By cloud_dog 9th Nov 17, 5:27 PM
    • 3,250 Posts
    • 1,812 Thanks
    cloud_dog
    It is definitely a little worrying if the company appears to give the impression that they are FCA registered when in fact they are not, although in their defence if you search for it it is there (in the depths).

    Some people might 'glance' at the information and think that this is an interesting and cool investment.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Reaper
    • By Reaper 9th Nov 17, 5:30 PM
    • 6,142 Posts
    • 4,381 Thanks
    Reaper
    So I'm a little unsure as to why this thread makes it seem like Asset Life is a bad company to invest into when they're just like other investment companies I've been researching e.g Blackmore Bonds, London Capital and Finance PLC etc.
    Originally posted by Lollipop99
    They are indeed like those other companies in many respects, the others are also high risk unregulated investments where you stand a chance of losing all your money with no recourse to the FSCS.

    You might feel the fact their directors are also directors of a company there is an FCA warning about and their insurance is provided by a company whose owner was prosecuted by the FCA for millions make them a different to the rest, but as I am trying to avoid opinions in this thread I will leave you to make your own mind up.

    On the plus side this thread is doing better on Google searches now.
    • Reaper
    • By Reaper 9th Nov 17, 5:35 PM
    • 6,142 Posts
    • 4,381 Thanks
    Reaper
    Hmmm, thinking about it Lollipop99's post is a bit odd. Don't be provoked into saying anything that can't be supported by the facts, we don't want the thread deleted again.
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