Westway IFISA

Jayney68

Hi

I have had these on the phone offering me either 7.5% 3 year fixed or 8.5% 5 year fixed IF ISA
Has anyone heard of them?
It sounds to good to be true, so I'm assuming it probably is!!
I'm with Nationwide with a cash ISA atm, paying 1.4% pa

Any help appreciated, many thanks
Jayne x

[Deleted User]

Your capital is at risk with those types of ISAs

DrSyn

The website is only 295 days old.
https://www.scamdoc.com/view/49817
https://www.scamadviser.com/check-website/westwayisa.com

Best Low Risk 5 year fixed ISA = 2.75% (from Newcastle BS)

Medium risk investment= Yield on the FTSE 100 = 4%

So what is being offered is an an unregulated investment, at an interest rate that is twice what you can currently get on the FTSE 100. In my opinion this is High Risk.

(a) Always ignore any unsolicited phone calls or Emails wanting you to invest.

(b) If it looks to go to be true, you do not understand the risks involved.

SAFE BONDS LOW RISK BONDS
Will be regulated investments where you can expect to get your money back.
You get them from either,
(a) NS&I, which is a loan to the UK goverment.
(b) A bank or building society cover by the FSCS protection. The present cover is £85000.

OTHER BONDS
These will be unregulated investments, where there is the potential loss of all your money. So they should also mention there is risk to your money.

Bond Scams:- Occur in unregulated investments.

Hope this is of help

Jayney68

Thank You DrSyn, that's helped me a lot!:cheesy:

eskbanker

Jayney68 wrote: »

I have had these on the phone offering me either 7.5% 3 year fixed or 8.5% 5 year fixed IF ISA
Has anyone heard of them?
It sounds to good to be true, so I'm assuming it probably is!!

To be honest you don't really need to go any further than "I have had these on the phone" - any opportunities involving cold calling are best avoided.

However, a cursory glance at https://westwayisa.com/ should clarify, as it immediately presents a pop-up window clearly explaining:

IMPORTANT INFORMATION

Investment in a Westway IFISA may not be suitable for all investors and as such has been restricted to certain qualifying investor classes:

• Self-Certified Sophisticated Investors
• High Net worth Individuals
• Restricted Investors
• Institutional Investors
• Investors who have taken advice from a suitably qualified IFA, and have been advised that investing in a Westway IFISA is appropriate for them and that they have had the risks involved have been fully explained to them

after which a site visitor is presented with a prominent warning:

Your Capital is at Risk, investment is not covered by the Financial Services Compensation Scheme (FSCS), your investment has the potential to go down. Please read our risk page in full before proceeding - click here.

Jayney68

Thank You Eskbanker,
The call was after I was searching the best ISA's last week, so not completely a cold call so to speak, I have however, just spoken to an Independent Financial advisor & it's a definite NO from me, given the replies I've had here

Alexland

Many 'best/top isa' websites are just marketing front doors to unprotected schemes that go belly up. Stick to trusted sources such as the MSE best buy tables which are updated regularly.

barnstar2077

I am the same, any unsolicited calls or mail is a big no no.

DrSyn

Or:-
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

AnotherJoe

Jayney68 wrote: »

Thank You Eskbanker,
The call was after I was searching the best ISA's last week, so not completely a cold call so to speak, I have however, just spoken to an Independent Financial advisor & it's a definite NO from me, given the replies I've had here

You might as well have had a sign affixed you your forehead stating "I am gullible" if you give your phone number out on one of those websites.

boomer69

I had the call too.
Apparently they are involved in accommodation for "vulnerable" people, so your investment is asset backed, and the income comes from the rent.
The people ringing you were probably not Westway, but a cold calling firm diversifying out of PPI.


I wouldnt touch it with a stolen barge pole.




I have, however, recently bought some magic beans(WPCT).