Sable SPV01 Fixed Rate Bond

kingofjustice

We got an email about this bond expiring on Friday.

The Insurers (Gable) that they have said covered the scheme have stated that this insurance is NOT in place


The introducers (Fox and Co) - Jason St. Pierre - have disappeared off the face of the earth.


I have registered a complaint with the Ombudsman. I had £25K in this. {Text removed by MSE Forum Team}


I am shaking with anger here.


{Text removed by MSE Forum Team}


Is there any further information at all?


Regards

PeacefulWaters

Oh dear.
http://www.sableinternational.co/sable-7-p-a-fixed-rate-bond/

bowlhead99

I assume the bonds you're referring to relate to an affiliate of the business at http://www.sableinternational.co ?

There is nothing on that site to indicate that what they offer is anything other than bonds to give them finance to acquire or refinance a variety of investments which might or might not pay off. They are not FSA regulated (at least, they don't say they are, mentioning only a company number and ico number) and there would be no protection from any regulator if you chose to give them money. They are not a regulated depositary like a bank, though of course you're free to lend money to whoever you like.

You have a few duplicate threads going on this, they were discussed on these forums in the past and people were cautioned off. Best to keep questions to the longest existing thread.

kingofjustice

The point is that they sent out paperwork to say that the Bond was insured with Gable Insurance who are FSCS regulated.


Turns out they know nothing about it.


There was a letter from Gable in the paperwork that the agents sent out.


I have misplaced this letter.


I would be very keen to know if anyone else has a copy of this letter and could send it to me, as I would like to issue this to the Ombudsman please?

bowlhead99

I can't help on that front, but assume that if they provided insurance to anyone it would be the company or their investees rather than to you personally. As such the fact that that might be regulated to provide insurance services does not give you a claim against the insurer if you didn't buy any insurance from them.

If you received FCA regulated advice to make the investment which was not appropriate for you... or invested with an FCA regulated investment manager and the manager owed you money (as distinct from the borrower owing you money) and is now bust, then the Ombudsman would be someone to ask for help - after first exhausting the complaints process of the regulated investment professional who wronged you.

Sorry this is not what you wanted to hear. Everyone on the earlier threads who enquired about this unregulated scheme was warned off it, so it's unlikely that members here would have copy documents. But this thread will come up on a Google search for a while which may produce some people who are (or claim to be) in the same boat.

kingofjustice

I realise I am clutching at straws here. But I am hoping that there might be some validity for a claim against the people that said that the product was 100% insurance backed - ie they are not providing accurate information.
Their email says that they are part of Belmonte Ltd - which is FSCS regulated. Do you think that there is any mileage here.

dunstonh

But I am hoping that there might be some validity for a claim against the people that said that the product was 100% insurance backed

You get FSCS protection for non-regulated investments if you sought advice and received a recommendation from an FCA regulated adviser who advised your poorly.

If you do not use an FCA regulated adviser then you get no FSCS protection when using non-regulated investments.

You can take the non-regulated firm to court. However, the firm would still have to exist for you to take them to court and you would then need to prove the incorrect information and finally, the firm would have to have the money to pay you if you won.

Their email says that they are part of Belmonte Ltd - which is FSCS regulated. Do you think that there is any mileage here.

There is no such thing as FSCS regulated. I assume you are getting your initials mixed up and mean FCA. There is no Belmonte Ltd listed on the FCA register. So no mileage there.