Dodgy Pension Trustee

Davnik

Finally received the compensation. Some relief, but the claims management company who have basically done sweet FA are taking a whopping 30%. I have contacted and chased up FSCS more than they have. Several grand for a few phone calls and letters. Nice work if you can get it. The debt management shysters are the same. In the extremely unlikley event I ever find myself in such a position again I would manage it myself rather than throwing money away on them.



Now hopefully the Eco Quest debentures, which should have matured a year ago, will mature soon and the actual pension itself will become accessible as, owing to compo restrictions, I have only been compensated for just under half of the amount they estimated I have curently lost.

Davnik

And still this wretched saga rumbles on with no updates since February.
The EcoQuest debentures should have been paid out 31 December 2017 and here we are over eighteen months down the line and they still have our money. Not even paying interest now either. Although as we haven't had a statement for the last year of the investment (2017) I have no idea if interest was paid then either. The interest is irrelevant anyway when they aren't allowing us to redeem the debenture.

What gets me the,y or at least their parent company Just Loans, continue to offer debentures. How is this right when they haven't honoured outstanding ones? I expect their directors continue to profit.
Despite receiving FSCS compensation, owing to the claims firm taking 30% I am nowhere near fully compensated for this scam.
And it appears Harris has got away with it too!

Miss_Accountant

For any debenture or bond holder of Ecoquest Plc you need to consider that Just Loans Group (now renamed JLG Group Plc) gave some of its shares years ago to Ecoquest Plc as a possible means to provide Ecoquest investors with a return, having seen their primary assets fail to perform due to an alleged fraud. Given this, you may have minority shareholder rights in JLG Group Plc and you may wish to speak to the company 020 3199 7113 and (or) the FCA 0800 111 6768 in order to understand your rights and expected recourse.

There can be no excuse for a lack of communication at any time when retail investments have been marketed to the public directly or indirectly with the assistance of IFA and pension trustees. Particularly so when the instruments are in default and have been for an extended period of time. I understand that public action groups have been established and it maybe wise to also see if you can join one of these to share knowledge and understand more about what actions can be taken - collectively or individually.

Best wishes and keep sharing information

Davnik

Thanks for this.


Haven't been posting recently as I was locked out of the account for some reason and struggling to get back into it.


As expected there is nothing to report anyway. I wonder how many people have got their money back? Seems the Just Loans investors might have, but I expect most people are still in my position.
Heading firmly towards two years outstanding at the end of this year. What should have been a five year investment will be a seven year one with no prospect of it ending and no further interest!

Davnik

Well another year gone by and still nothing. It is now well over 2 years since this pension should have matured and no information even since February 2019. Meanwhile Ecoquest / Just Loans, or whatever they are called,  still seem to be offering debentures. This cannot be right when they cannot honour existing ones. Amazing that anyone still takes up their offers!

gfplux

Davnik said:

Well another year gone by and still nothing. It is now well over 2 years since this pension should have matured and no information even since February 2019. Meanwhile Ecoquest / Just Loans, or whatever they are called,  still seem to be offering debentures. This cannot be right when they cannot honour existing ones. Amazing that anyone still takes up their offers!

Have you had any recent face to face contact with either the Pension regulator, the Police or the people who have your money?

Davnik

gfplux said:

Davnik said:

Well another year gone by and still nothing. It is now well over 2 years since this pension should have matured and no information even since February 2019. Meanwhile Ecoquest / Just Loans, or whatever they are called,  still seem to be offering debentures. This cannot be right when they cannot honour existing ones. Amazing that anyone still takes up their offers!

Have you had any recent face to face contact with either the Pension regulator, the Police or the people who have your money?

I was interviewed by South Wales police who said they didn't know at the time if a crime had been committed. They took a recorded statement in October 2015 and brought me a copy in December which ran to sixty pages when it was written up  saying they would be in touch. I heave heard nothing since.

I have heard nothing from Green Pensions Trustees  who took over from the ousted Mark Harris, the architect of this mess, since February 2019. I did receive compensation from the FSCS in December 2018 but that was for the mis-selling by the advisor Total Wealth Solutions, and they estimated it was around half of what I have lost out on.

The problem is that the Ecoquest debentures where the bulk of the money is invested are currently illiquid, in other words they cannot redeem them at present in order to honour the debentures. They themselves were basically conned by GIF consultants. The pair of rogues behind this company were arrested last summer, and their trial isn't due until April 2021, such is the complexity of fraud. My complaint is that, despite this situation Ecoquest's  parent company Just Loans continue to offer debentures.

MrUnhappy

As the original author of this thread, it saddens me that other people still haven't received their funds back, I eventually got around 95% back through a loophole. There are probably still people out there that are not even aware of Mark Harris's dodgy dealings. I was also interviewed by South Wales Police and never heard anything back from them. How a case against these criminals was not put together is unbelievable. Harris tried to wrap up the dodgy "AC management and administration" business a few years back, his proposal to strike off the company was refused due to some sort of investigation. Be aware there has been  another proposal to strike off put in place, which means, if they do get dissolved, I'm not sure how anybody else will be able to try and get there funds back.

AC MANAGEMENT AND ADMINISTRATION LIMITED

You have been sent this email because you are following AC MANAGEMENT AND ADMINISTRATION LIMITED (08049180)

The following changes have just been detected:

• The company had a status of 'Active' this is now 'Active - Proposal to Strike off'

Davnik

Green Pensions Trustees website has now been down for some time. Evidently this appears to signal the end of our ever getting our  pensions.

Davnik

Now back up, but may as well not be as it hasn't been updated for getting on for 18 months.