‘Review your ISA’ fixed Isa 7% - scam?

react

Hi

There are some ISAs coming up on Facebook from a page called ‘review your ISA’ such as UK Sports ISA stating a 3 yr fixed rate ISA paying about 7.2%. Reckons it’s no stocks and shares and mentions FSA regulates etc

But surely it’s a scam? Anyone looked into it?

Being Facebook I’m sure I know the answer but just checking...

eskbanker

Yes, it'll be a scam, in the sense that it'll be a risk-based product masquerading as a capital-protected one.

I did a quick Google search for 'uk sports isa' but nothing relevant found, if you find a (non-Facebook) link for the actual product you think it refers to, post a link and someone will identify and highlight the catches....

dunstonh

There are some ISAs coming up on Facebook

First alarm bell about scam - it is advertising on Facebook.

Reckons it’s no stocks and shares and mentions FSA regulates etc

Second indication of scam - mistakes on basic facts. The Food Standards Agency does not reuglate financial services. The Financial Conduct Authority does (FCA).

Third indication of scam is unrealistic rates. 7% is realistic for a conventional stocks and shares ISA but not for cash/deposit based savings.

The product does exist and offers that potential 7%. How it is also at risk of default and total loss. It is actually higher risk than investing in a stockmarket fund in an S&S ISA. No FSCS protection either. That is the bit that they play down.

react

sorry, FSA was my typo, it states FCA authorised and regulated.


not the UK sports one, but this link is stating 8.24%! with similar notes.


https://astute.reviewyourisa.co.uk/


it does say on this link that the capital is at risk so not sure how that is fixed.. anyway I will avoid!


thanks guys

ColdIron

It's an investment product with the potential for 100% loss of capital. If you look in the only link on the page

SELF-CERTIFIED SOPHISTICATED INVESTOR STATEMENT

I declare that I am a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act (Financial Promotion) Order 2005.

I understand that this means:

I can receive financial promotions that may not have been approved by a person authorised by the Financial Services Authority;
the content of such financial promotions may not conform to rules issued by the Financial Services Authority;
by submitting my details through https://astute.reviewyourisa.co.uk/, I may lose significant rights;

I may have no right to complain to either of the following:

the Financial Services Authority; or

the Financial Ombudsman Scheme;

I may have no right to seek compensation from the Financial Services Compensation Scheme.

Paul_DNAP

Scroll to the bottom of the page

Your capital is at risk. Please be aware when investing that your capital is at risk and the value of your investment can go down as well as up. You may get back less than you invested.

So although they quote 8.24% that's the maximum possible they will pay you should your investment grow. If your investment does not grow or shrinks then your capital will be eaten up by the shrink (and their fees, which they'll probably take upon investment before the funds get chance to collapse.)


Oh, and their parent company "Waxon Waxoff Management Limited" sounds like a bunch of jokers, and they have recently managed to advert action to be struck off the companies register, have capital reserves less than £50k and a string of ASA advertising rulings against them.

react

ColdIron wrote: »

It's an investment product with the potential for 100% loss of capital. If you look in the only link on the page

SELF-CERTIFIED SOPHISTICATED INVESTOR STATEMENT

I declare that I am a self-certified sophisticated investor for the purposes of the Financial Services and Markets Act (Financial Promotion) Order 2005.

I understand that this means:

I can receive financial promotions that may not have been approved by a person authorised by the Financial Services Authority;
the content of such financial promotions may not conform to rules issued by the Financial Services Authority;
by submitting my details through https://astute.reviewyourisa.co.uk/, I may lose significant rights;

I may have no right to complain to either of the following:

the Financial Services Authority; or

the Financial Ombudsman Scheme;

I may have no right to seek compensation from the Financial Services Compensation Scheme.

wow, that spells it out!

eskbanker

Paul_DNAP wrote: »

their parent company "Waxon Waxoff Management Limited"

Doesn't wax removal typically entail something being painfully ripped off? How appropriate....

Edit: believe it or not, another front for Waxon Waxoff has put up a page https://aspectleads.com/facebook-is-cracking-down-on-businesses-that-lie-to-customers-in-their-ads/ which is looking a bit like the dictionary definition of hiding in plain sight!

badger09

eskbanker wrote: »

Doesn't wax removal typically entail something being painfully ripped off? How appropriate....

Edit: believe it or not, another front for Waxon Waxoff has put up a page https://aspectleads.com/facebook-is-cracking-down-on-businesses-that-lie-to-customers-in-their-ads/ which is looking a bit like the dictionary definition of hiding in plain sight!

Maybe I'm an old cynic, but I don't trust an organisation which doesn't put the full names of its main officers on its website, just James, Adeela and Jay. Nor one which writes flimflam (where did I dig that up from:o) like this

https://aspectleads.com/digital-strategy-review/

but whose most up to date 'news' is 12 June:cool:

londoninvestor

Their web design is "impressive". We
ll, I'm not entirely joking when I sa
y that, I actually don't know how they ca
n make words randomly break across lin
es like this (the HTML looks fine so it m
ust be some CSS magic...)

EDIT - I see, you can use "word-break:break-all". A great illustration of "just because you can doesn't mean you should..."

jimjames

react wrote: »

wow, that spells it out!

Had you missed that part of their website?