4% - 6% P.C.M. Currency Plan

wantanswers

Quote;

"Last month, the UK’s Financial Services Authority (FSA) took out a court injunction to freeze the assets of a firm called Upton & Co Accountants, which it believes had been peddling an investment scheme it called the “Currency Plan” to unsuspecting investors.

The court order also stops Upton & Co from selling any further products. In addition, the authority went so far as to keep secret the details of Upton’s scheme, fearing that it would be duplicated by other firms or individuals."

Why the secret Reaper when lots now appear to be aware of whats gone on?

Even Trading Companies have recently been fined by the FSA for inadequate money laundering controls.

But still Us and Farley rolls on and innocent folk suffer.

wantanswers

Morning Reaper,

Much more information has now come to light concerning events surrounding these issue's and if the FSA had possibly done it's job properly in 2005, 2007 and more so after the freezing order of September 2008 then maybe many of us would not be in this situation.

However some have been lucky and paid compensation, others have made possibly significant profits, some have broke even, some have been fined, others are still walking the streets free with money in their pockets,some have gained possibly substantial commissions from it, some have lost directorships, accountants & solicitors have earned from it , some have left the country, some as yet can't give an answer to it all and the remainder of us well lets say;

"Looks like we will have to fight all the way".

That's life Reaper.

nrsql

>> giving up to 80% ROI
Should have been a clue

>> which is obviously unheard of in these times
Not at all - most investments have been giving up to 80% ROI. You would be doing very well to get more than 80%.

wantanswers

The clue wasn’t picked up until recently, however all credit to the FSA they managed to pick it up quite quickly although they may have had information from others which possibly led them to it....if not they quickly realised it.

No wonder they wanted to keep it quiet when you look at the Christmas tree and the people involved.

As I said it’s probably history;

The….. “Farley Scheme”.
The…..“Currency Plan”

However it’s been an interesting journey with many still suffering along the way and we still have not reached the end.

wantanswers

Morning Reaper, another “sorry mess” very similar to the Cameron Farley affair.

Why doesn’t this new coalition government just get the FSA to admit to their failings, compensate as in the case of (text removed by MSE Forum Team) and end the misery of all innocent parties, otherwise it would appear as one person has stated;

“These issues are not going away”

New evidence has emerged that in the second half of 2007 the FSA had been undertaking a Thematic Review related to Keydata Secure Income Bond/Plan.

In Oct 2007 E M of the FSA wrote to the firms involved in its thematic review to report its findings. I have a copy of the letter in front of me.

§ The letter expresses extreme concerns about the marketing and distribution of the SIB and SIP products, and questions the categorization of the product as low risk.
§ The FSA direct the specific firms to address the concerns raised in the letter, but the FSA fail to publish details of their review or alert the industry or investors of their concerns.
§ In particular, the FSA take no action to stop Keydata from marketing the product as a low risk product to the retail public. Nor do they mandate that Keydata or IFAs inform the investors of their concerns.

Investors in Keydata SIB/SIP products may well be aggrieved to know how this failure to inform investors in Keydata SIBs/SIPs fits with the FSA statutory objectives to protect consumers. By failing to call time earlier and have clients informed, literature re-rated and future sales frozen pending an investigation, how many susbsequent Lifemark-related Keydata investors may well have avoided this sorry mess ?

As we rapidly approach the 5th anniversary of E M and the FSA's involvement in the Keydata debacle, it would appear completely reasonable that the FSA should hold their hand up and admit, to use their own euphemism, "we didn't perform as we should have".

Simply put the SIB/SIP investors should be compensated in their entirety rather than be subjected to the ongoing FSCS/Deloitte lottery.

I think its time for the FSA to remove their heads from the sand - this issue isn't going away

lesleymarr

On this occasion you should consider yourself extremely lucky to lose such a small proportion of your investment. In future always check the firms you are investing with are regulated by the FSA, which you can do very easily on their web site.

are you referring to £10, 000 as a small investment?
that is a huge amount of money to me.

Reaper

lesleymarr wrote: »

On this occasion you should consider yourself extremely lucky to lose such a small proportion of your investment. In future always check the firms you are investing with are regulated by the FSA, which you can do very easily on their web site.

are you referring to £10, 000 as a small investment?
that is a huge amount of money to me.

If they were to lose £10,000 that would be a lot. But they aren't. In the case of Upton (which is what this thread started off about) very little of the money had actually been invested and lost, so when the FSA put a stop to it £3.71 million in their bank account could be handed back to the investors, plus another £840,000 to be refunded in annual installments as the company could afford it. (Details here). As a result the investor could expect to get most of their money back, maybe even all of it.

You may be getting confused by later posts about different companies in this thread where much more of the money was lost.

wantanswers

Quote; "are you referring to £10, 000 as a small investment"?

Peanuts compared to some Lesley. But we live in hope, as does Upton and others.

By the way (text removed by MSE Forum Team) apparently gave the FSA the money back, which is a bit different from actually retrieving it, sounds like they did a good job.

wantanswers

Reaper,

Did you ever get to read the "Currency Plan" brochure, especially the registration bit. If I hadn't already been stung by Farley I might have been tempted

wantanswers

Well Reaper, it appears there is some common sense in the Financial Services Industry and good luck to all of them.

http://www.fscs.org.uk/news/2010/september/keydata-update/index.html