5% Isa

Antoeddy

I've been offered a fixed rate 5 year isa with returns of 5% p.a. by a company called Hamilton Rose
Any advice or has anyone had any dealings with this company 
I think it sounds too good to be true, although they are Fca registered 

Alexland

Google what happened with the similar London Capital & Finance mini bond ISAs.

I am not allowed to say this is a scam but with the government lockdown remember to exercise and I suggest running at least a mile.

Also I hear we shouldn't be touching things even with barge poles.

badger09

Alexland said:

Google what happened with the similar London Capital & Finance mini bond ISAs.

I am not allowed to say this is a scam but with the government lockdown remember to exercise and I suggest running at least a mile.

Also I hear we shouldn't be touching things even with 2 metre barge poles.

Fixed that for you

Alexland

badger09 said:

Fixed that for you

Thanks its important we take a measured and sensible response to this very high risk.

dunstonh

The genuine Hamilton Rose is not a product provider but an intermediary.    An article 3 IFA firm.   So, they provide advice on capital at risk investment products and funds.  

The FCA register confirms, as you would expect from an IFA, that they do not have deposit permissions.   So, they are not a product provider and do not have permissions to issue retail deposits to consumers.

So, either you have got the wrong end of the stick regarding a genuine investment product (such as a risk based investment that has been returning around 5% p.a. - which is in the ballpark of expectation for low risk over the last 20 years) or you have come across a scam clone firm that is using a the name of the genuine regulated company to scam people.    

Can you let us know where you saw this ISA advertised as it will help us see which it is.

edit:
I have found https://www.theisaexpert.co.uk/ which makes reference to Hamilton Rose and an ISA.  However, the FCA are already aware of this site:
https://www.fca.org.uk/news/warnings/theisaexpertcouk-isa-expert

Antoeddy

An adviser from BEST-CASH-ISAs.com
Contacted me after I did a search online to invest in an isa,and offered me this one.

Antoeddy

Sorry that's best-rate-isas.com

Alexland

I would suggest you make no further contact, however persuasive they are, and stick with the Cash ISA providers on this MSE website. Beware of any similar approaches as your contact details may now be circulated to people with intent to get their hands on your money. Good job you asked here.

afis1904

That site name already sounds very shady.

kuratowski

I think www.smartmoneyadvisor.co.uk is another site by the same people - the wording and photos are extremely similar.

Together with www.investorsupermarket.co.uk (which is on the FCA warnings list) this means 3 of the top 4 ads returned by a google search of "best isa rates" are - pick your word - barge pole, shady, whatever.

masonic

Antoeddy said:

An adviser from BEST-CASH-ISAs.com
Contacted me after I did a search online to invest in an isa,and offered me this one.

Never do a search online to find the best ISAs, always use a trusted site.