Asset Life Plc

Reaper

The previous Asset Life thread got deleted by the looks of it. This one probably will too but maybe if everybody sticks to facts and avoids opinions it might survive. I think it is useful for those considering investing who wish to know more about it.

Here are few facts I think are worth mentioning:

FCA Authorisation
Asset Life are not FCA authorised. Section 21 of the Financial Services and Markets Act 2000 says this means they are not allowed to issue any financial promotion, including via web sites. However there is an exemption if another authorised firm approves and signs off on the promotion. According to their web site it was "Approved for the purposes of s21 FSMA by Opus Capital Limited FCA No. 403428"
However Opus Capital Ltd has been liquidated and lost their FCA authorisation.
Are they are able to continuing using previously approved material? I am guessing they can but perhaps somebody can confirm.

Guarantee
A guarantee is offered via Klapton Insurance, previously known as Sinclair Insurance Company, owned by Shay Reches and registered to the Autonomous Island of Anjouan, Union of Comoros. Shay Reches was previously fined over £1m by the FCA and was forced to pay over £13m in compensation over a previous insurance scheme. Mr Reches was also prohibited by the FCA from performing any function in relation to any regulated activity.
https://www.fca.org.uk/news/press-releases/financial-conduct-authority-takes-disciplinary-action-against-five-individuals

Shay Reches was also a director of GEF Guarantee Equity UK Limited who previously offered the guarantee for Asset Life. It has been liquidated.

dunstonh

And here is a good guide written by the FCA about unregulated collective investment schemes that can apply to any unregulated investment:
https://www.fca.org.uk/consumers/unregulated-collective-investment-schemes

Malthusian

That reminds me, I never did bother to read that PM I got.

Anyway, before I read it, here's another fact about Asset Life plc: you can still see the old thread on Google's cache, at least for the moment, and only the first page.

Hypothetically, if someone were to save a copy of it on their hard drive, then anyone interested in what Asset Life plc didn't want people to see could PM them for a copy. However if someone asked me whether I'd done such a thing, I'd have to remind them that it would probably be against MSE's Ts and Cs.

cloud_dog

Reaper wrote: »

The previous Asset Life thread got deleted by the looks of it. This one probably will too but maybe if everybody sticks to facts and avoids opinions it might survive. I think it is useful for those considering investing who wish to know more about it.

Here are few facts I think are worth mentioning:

FCA Authorisation
Asset Life are not FCA authorised. Section 21 of the Financial Services and Markets Act 2000 says this means they are not allowed to issue any financial promotion, including via web sites. However there is an exemption if another authorised firm approves and signs off on the promotion. According to their web site it was "Approved for the purposes of s21 FSMA by Opus Capital Limited FCA No. 403428"
However Opus Capital Ltd has been liquidated and lost their FCA authorisation.
Are they are able to continuing using previously approved material? I am guessing they can but perhaps somebody can confirm.

Guarantee
A guarantee is offered via Klapton Insurance, previously known as Sinclair Insurance Company, owned by Shay Reches and registered to the Autonomous Island of Anjouan, Union of Comoros. Shay Reches was previously fined over £1m by the FCA and was forced to pay over £13m in compensation over a previous insurance scheme. Mr Reches was also prohibited by the FCA from performing any function in relation to any regulated activity.
https://www.fca.org.uk/news/press-releases/financial-conduct-authority-takes-disciplinary-action-against-five-individuals

Shay Reches was also a director of GEF Guarantee Equity UK Limited who previously offered the guarantee for Asset Life. It has been liquidated.

A very useful and factual summary of the position regarding Asset Life offering.

talexuser

It would be good to see this thread get to the top of a google search for Asset Life too.

Malthusian

I think it will be the top result as soon as Google's crawlers realise that the old thread on Asset Life plc has been deleted. At the moment it is listed as a sub-heading under the old thread.

TrustyOven

So a financial advisor recommended Asset Life PLC?

https://www.youtube.com/watch?v=GzlY_I1SPhI

Reaper

According to their most recent accounts

T D Mitchell, M J Binks and L J Russell are also directors of Anglo Wealth Limited. At the year end, Anglo Wealth Limited owed Asset Life plc £303,034 (2015: £214,934).

The FCA issued a warning about Anglo Wealth Limited
https://www.fca.org.uk/news/warnings/anglo-wealth-limited-t-anglo-wealth-investments

Reaper

Both Anglo Wealth and Asset Life get a write up in this newspaper article: [URL="Read more at: http://www.scotsman.com/business/cold-callers-too-good-to-be-true-1-3519104"]Cold Callers too good to be True?[/URL]
A director of both companies says of the FCA published warning about them:

“They put that warning up there because, at the time, they didn’t know what Anglo Wealth was or what it was doing,” he said. “Once they are satisfied – and they will be – there will be no more calls to keep that warning in place.”

That was 3 years ago.

Malthusian

Interesting that when Googling for "asset life plc" the old MSE thread now appears at the top of page 2. Which is nowhere, and of course the link is a 404 anyway, unless you know to click the small arrow leading to the cached version. This thread now doesn't appear on Google at all.

The first page on Google now mainly consists of Asset Life's website and other pages under its control such as its Facebook page. The exception is a website called FPML Alternatives which arranges "alternative investments" - in addition to Asset Life plc this includes Dolphin Capital and Store First. Needless to say a search for FPML Alternatives on the FCA register gives no results.

Reaper

It is a shame it figures so poorly in Google searches. I have changed to title to add "Plc" on the end to see if that helps.