Fluid ISA Bond

Hi, I posted about Fluid ISA Ltd a while back.  My partner took out a 3 year Fixed Term Fluid ISA Bond with them on 13 November 2018.  My partner has finally got through to them on the phone, only to be told the Bond money cannot be payed back until March! Surely it should be paid back on 13 November 2021? I’ve emailed them for an explanation, but I don’t trust them one bit.  Does anyone have knowledge of Bonds and maturity dates?? 😳
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  • eskbanker
    eskbanker Posts: 36,692 Forumite
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    As pointed out in your previous thread on this, the word 'bond' covers a multitude of possibilities - in this case the reference to '3 year fixed term' might suggest a standard cash deposit product but my understanding is that it's actually a riskier investment product, which will be governed by different terms and rules.  I suspect that the best case scenario would be for all the money to be paid out in March, but there are also less palatable possibilities....
  • Albermarle
    Albermarle Posts: 27,134 Forumite
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    Surely it should be paid back on 13 November 2021?

    There many bondholders of failed firms/scams who never get paid at all .

    The fact they are still communicating with you is a good sign, and as eskbanker says keep your fingers crossed for a March payout .

    In the meantime no harm to ask them for an explanation for the proposed late payment.

  • jimjames
    jimjames Posts: 18,503 Forumite
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    edited 9 November 2021 at 3:46PM
    emz1968 said:
    Surely it should be paid back on 13 November 2021? I’ve emailed them for an explanation, but I don’t trust them one bit.  Does anyone have knowledge of Bonds and maturity dates?? 😳
    What does the paperwork say that they were given when they took out this investment? I suspect it is one where the capital is at risk and the seller can control if/when they redeem.

    Is it this one? Not a good sign if so. Hopefully your one is the genuine company.

    https://www.fca.org.uk/news/warnings/fluid-isa

    Although the real websites shown on FCA warning are both down too
    https://www.fluidtrust.com/maintenance-page/#slide

    The website is currently down for maintenance.

    Remember the saying: if it looks too good to be true it almost certainly is.
  • Been trying to get hold of Fluid ISA bond but phone rings and then cuts out. My bond matured at end of November and still no money please has anyone had same problem 
  • jimjames
    jimjames Posts: 18,503 Forumite
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    edited 3 December 2021 at 7:44PM
    mikeglyn said:
    Been trying to get hold of Fluid ISA bond but phone rings and then cuts out. My bond matured at end of November and still no money please has anyone had same problem 
    You might want to follow this thread, you're not the only one asking the same question

    https://forums.moneysavingexpert.com/discussion/6295122/fluid-isa-bond-1-limited#latest

    The Fluid ISA login page is still working, does that show any information?
    https://online.fluidisa.com/investments/account/login

    That page also has this risk warning: 

    Your capital is at risk and interest payments are not guaranteed. Investment via Fluid is not covered by the Financial Services Compensation Scheme (FSCS). In the event of default or if Fluid becomes insolvent, you may lose some or all of your investment, including interest payments due.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • emz1968
    emz1968 Posts: 10 Forumite
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    My partner had just been contacted by a company called “C Prompt UK”.  They say Fluid Trust is going into liquidation and that they can get the money back on a ‘no win no fee’ term.  The fee if they win is 5%.  I don’t see why Fluid would give the money back when they’re not covered by the FCA! Anyone heard of this lot?
  • Alexland
    Alexland Posts: 10,183 Forumite
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    Never heard of them, they may be genuine, but they might just be after more of your money. A general warning on this kind of stuff is at:
    https://www.actionfraud.police.uk/a-z-of-fraud/fraud-recovery-fraud
  • masonic
    masonic Posts: 26,511 Forumite
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    Oddly there is still no evidence of an insolvency or liquidation in any of the "Fluid" group of related companies. It's not uncommon for Companies House / Gazette to take 1-2 weeks to publish the notice, but there is no sign of this yet. I'm taking that to be a bad sign for bondholders.
  • jimjames
    jimjames Posts: 18,503 Forumite
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    edited 27 December 2021 at 2:26PM
    Fluid ISA 1 Ltd is fully owned by Fluid ISA PLC. If you look at Companies House then you can see that they include the statement:

    The compartmentalised nature of the group means that separate investments into subsidiaries can be ringfenced ... protecting any weaknesses and ensuring rewards are only shared with the relevant investors.

    https://find-and-update.company-information.service.gov.uk/company/11212930/filing-history

    This would suggest that the structure is deliberate to allow the companies to go bust once profits taken and avoid the holding company being impacted

    Fluid ISA Bond 1 has shareholder assets of £200k
    Fluid ISA Bond 2 has negative shareholder assets of -£40k
    Fluid ISA Bond 3 has been dissolved
    Remember the saying: if it looks too good to be true it almost certainly is.
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