Green Oil Plantations Ltd

redbuzzard

gkerr4 wrote: »

a scam

- to be honest, and this is controversial, it's a joke that you can "have a claim" for it - cos it means we all foot the bill for your poorly researched (or unresearched) decision.

A strange view in a case like this, if the OP was sold this by the IFA arm of TailorMade (which seems to have had its wings clipped by the FSA in relation to a different investment they recommended).

Like any form of insurance, those who enjoy the protection all contribute to it, sooner, or later.

If you were talking about fabricated claims for whiplash, I would agree with you - anybody caught doing that should be given the whiplash they claimed for

atush

eleden wrote: »

Hi Atush,the company that sold the product is called TailorMade in warrington,so as not to be confused with anyone else, i had 2 pensions with company NPI they informed me, no bonuses had been paid for 11 years and to have them transferred, and the best place was these sipps

If this was a realk, regulated firm for advice at the time, you were miss sold. As they informed you wrongly that where they put the money "they informed me, no bonuses had been paid for 11 years and to have them transferred, and the best place was these sipps"


File a formal complaint with the firm if you have not already. Maybe they have insurance? the only place I can see you getting anything back.

Texas123

I have lost alot of money in this as it stands currently. The adminstrator's report states the FCA (FSA as was) appear to have 'admitted' they got it wrong in 2010. This product should have been a regulated collective investment scheme - in which case it would not have made it to market as it did. And in fact, the option to get it up and running and 'paying back' returns is now not possible because they have reversed their original and incorrect decision back in 2010.

Hope 1: the FCA are at fault and we have a claim against them.

My IFA recommended the product based upon the robust due diligence my SIPP provider performed. Clearly this was not the case. The Director of the GOPL/GOPAL has taken 15% (!!) commission and 15% management fee from the investors! No wonder it failed! How was this not made public to investors. Not having the insurance in place was clearly also an oversight (although the insurance only insured the crop against disease/flood/fire etc so is no good for administration). Having said that, the insurance was a big part of giving me comfort that the crop would be protected. This was a big part of the sell from my IFA and the marketing literature.

Hope 2: The SIPP provider is culpable in some way for even allowing such a high commission product to be sold.

Not sure if the IFA will be culpable at this time but am not going to cut off that avenue just yet.

Full facts will not be known until the final administrator's report is published - this will be some months yet.

Main thing now is to get your creditors form in before the meeting on 21st June.

And then the hope begins for the facts to be uncovered that go in the investors' favour.

eleden

thanks texas123,
amazing the 15% commissions and charges were not mentioned in anything
my IFA told me she had invested in this and received her 1st year return, i now discover this is not the case and was a lie, i was sold on the fact that the insurance would cover failure in the crop, but that level of insurance was not purchased and information was incorrect according to administrator.
unfortunately my experience with administrators as long as there extortionate fees are paid they like to wind things up without people quizzing about the failure

Reaper

eleden wrote: »

Hi Atush,the company that sold the product is called TailorMade in warrington

O dear. They have appeared on these forums before when they advised somebody to put their entire life savings into another unregulated dodgy foreign scheme, which promptly went bust.
https://forums.moneysavingexpert.com/discussion/2733595

droopsnoot

eleden wrote: »

my IFA told me she had invested in this and received her 1st year return, i now discover this is not the case and was a lie

All other things aside, I invested in this and have received the first two years returns without any trouble. So some returns have been paid out.

eleden

sadly to say your last though,
seems the investors money was being used to facilitate returns.
doesn't become a problem till down the line when investments stop
that's when the true problems start to arise.

thenudeone

droopsnoot wrote: »

All other things aside, I invested in this and have received the first two years returns without any trouble. So some returns have been paid out.

I have no information about this specific investment but scams sometimes provide payments to investors just to entice them to invest even more. The money comes from new investors, not from any genuine income from the investment (if it ever existed).`

droopsnoot

I will await the outcome of last weeks meeting. All the things I am hearing (from before that meeting) are reasonably good, but then they're all from interested parties so maybe a little biased. But yes, I am aware that often these things are not quite what they seem. I was just saying that while the OP's IFA appears not to have had a return, some people have.

Yorkie1

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