SIPP investment in Property

[Deleted User]

Anyone investing in a pyramid in this day and age gets a good value out of such an investment. The lesson is priceless, so no compensation is due.

Malthusian

Deleted_User wrote: »

Anyone investing in a pyramid in this day and age gets a good value out of such an investment. The lesson is priceless, so no compensation is due.

Unless you paid an adviser or intermediary for appropriate financial advice rather than a lesson in how certain types of schemes work, or if you paid a SIPP provider to act as trustees, in which case compensation most definitely is payable, and FSCS-protected if they were FCA-authorised.

And Dolphin Trust isn't a pyramid scheme. In a pyramid scheme each punter has to recruit a given number of punters to receive a payout. If a scheme using new investors' money to pay existing ones allows punters to receive a return passively (providing they join early enough), it's a Ponzi scheme.

atkin12

Dolphin Trust in the UK are now using Whites for payments https://whitesgroup.com/ . This group appears to part of Dolphin and is FCA registered ! There is also a phone number for the Dolphin trust office 00441915005459 . Did anyone receive any payments recently ?

midlandsimon

Most SIPP providers would not accept that investment anyway. Would be classed under the FCA rule as a 'non standard asset'. For capital adequacy purposes alone, I wouldn't touch a provider accepting that sort of asset.


See the recent Berkley Burke court case for reasons why!!

Malthusian

atkin12 wrote: »

Dolphin Trust in the UK are now using Whites for payments https://whitesgroup.com/ . This group appears to part of Dolphin and is FCA registered !

WTUK has been going since 2012 and has been owned by pretty much the same guy throughout most of that time (with some changes to how much of the company he owned). I can't see any public sign that it's part of Dolphin. Whites appear to be only middlemen who move money from A to B, and nothing to do with the investment scheme.

midlandsimon wrote:

Most SIPP providers would not accept that investment anyway.

Dolphin Trust has been going since 2013 or earlier. SIPP providers tended to be more relaxed about unregulated bonds back then. A few of them thought (wrongly) that the fact that it was a "self" invested personal pension meant they could ignore their common law duties as trustees. The Berkley Berk court case has largely woken them up.

Malthusian

For fans of closure, the FCA, FOS and FSCS has just confirmed that Dolphin Trust (now known as German Property Group for some reason) has gone bust.

https://www.fca.org.uk/news/statements/fca-fscs-fos-joint-statement-german-property-group-dolphin-capital-dolphin

dunstonh

Malthusian said:

For fans of closure, the FCA, FOS and FSCS has just confirmed that Dolphin Trust (now known as German Property Group for some reason) has gone bust.

https://www.fca.org.uk/news/statements/fca-fscs-fos-joint-statement-german-property-group-dolphin-capital-dolphin

And is there anyone here who is surprised at that outcome

QrizB

This has been in the news recently. IIRC the director has been jailed but much of the money is still missing?

I'm sure it made BBC R4 in the past 3-4 weeks, but am struggling to find a recent article in English.

QrizB

Knight_Crofter said:

Ill post again in July when the next interest payment is due, and every 6 months after that till January 2020 when the funds should be returned.

Knight_Crofter never did post about their January 2020 redemption, did they?

Even though this thread was bumped by a spam post, it's a fascinating read. People convinced that they're going to make a fortune and refusing to listen to everyone telling them that they won't be the ones getting rich ...

Wonder how some of these folk (not just Knight_Crofter) did in the end?