Sector Capital Funds Plc

lizzi.hrh

Hi I am new to this forum, but I am wondering if anyone has heard or had dealings with Sector Capital Funds Plc? They claim they are fully FCA regulated and fully protected by FSCS. They are offering high interest savings accounts I.e. 3.25% and offering 1 yr fixed bonds of 4.95% and higher interest for longer term. The thing is I have contacted the FCA and FSCS and they can only confirm that they have a schedule 5 and can’t confirm that they are fully protected unless the company goes down. Website is sectorcapital.uk any thoughts/advice appreciated. TIA

Reaper

I am probably being over cautious but I think you need to take care. Sector Capital Funds Plc seems to be an Irish OEIC, so I don't quite understand why they are offering a savings account.

Since the web site was only set up weeks ago before going ahead I would make absolutely sure the web site and the company are linked, rather than a clone web site misusing a real company name.

rr755507

Sector Capital Funds plc looks to be legit.

However, the domain sectorcapital.uk was registered on 12-Mar-2019. The web hosting is from a Icelandic provider, which accepts Bitcoin.

The website appears to be a complete copy and paste from another random/template site:

Compare
https://sectorcapital.uk/faqs/ with
http://hostserver01.net/faq/

The language/grammar on the website suggests an non native english speaker/writer.

Bargepole.

Prism

This is a general checker

https://protected.fscs.org.uk/tools/check-your-money-is-protected/

Malthusian

Another variant of a clone firm scam which has been seen a few times here.

lizzi.hrh

Thanks for your responses, I think I will give this a miss. If the rates look too good to be true then it’s probably a scam. Although FCA and FSCS said that they have a schedule 5 which I think just means that they can trade, doesn’t mean you are protected though.

dunstonh

I would be on guard. Whilst there is a legitimate company of that name, the wording used does not sound correct and scam/cloning is a big issue at the moment.

They claim they are fully FCA regulated and fully protected by FSCS.

There is no such thing as fully FCA regulated. The FCA do not regulate every single activity that a firm does. A firm can be FCA regulated but not issue a single product that falls under FCA regulation.

The FSCS also do not fully protect. For example, a loan note or mini bond would not have FSCS protection unless it was put in place via a financial adviser under the advice process. Even then, the advice would have to be deemed unsuitable and only covered to £85k.

So, you have claims being made which are not correct.

Sector Capital Funds Plc are not a provider that a mainstream consumer is likely to come across in the UK. They operate a very niche collective investment scheme. They do not issue savings/deposit based products and do not appear to hold permissions to issue deposits

So, the fact there is a claim that they are issuing fixed term deposits, suggests that this is not the same firm.

sectorcapital.uk

This website does not appear to belong to Sector Capital Funds PLC. The link on the page ot the FCA appears to be incorrect.

So, I suspect that this is a clone/scam attempt.

Shedman

Indeed the Irish Central Bank have just issued a warning about them today

https://centralbank.ie/news/article/press-release-unauthorised-firm-sector-capital-funds-(clone)-16-july-2019