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Satchi Holdings ISA Problems
Jonr1958
Posts: 1 Newbie
Has anyone else had problems with trying to withdraw their money
0
Comments
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Never heard of them before but a quick look via google indicates that the Satchi investment offering was non-mainstream, very high risk and illiquid investments.
Basically mini bonds with no consumer protection and 100% loss potential of the type are not suitable for 99% of the UK population.
https://www.bondreview.co.uk/2019/05/14/we-review-satchi-wealths-bonds-paying-8-5-per-year/
The ISA manager was Northern Provident who ceased trading and went into liquidation last year. They were ISA manager for a number of failed investments not designed for retail investors.
I can't see the current status of this mini bond but accessibility problems are usually a sign of a problem with non-mainstream illiquid high-risk assets like this.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.5 -
Most likely all investors are facing problems getting their money back. Good luck, but things don't look good. Accounts are almost 6 months overdue (it has never filed accounts since incorporation in 2019), all but one director has resigned (technically in contravention of the requirement of PLCs to have a minimum of two directors). Looks like it has some significant secured debts, which may rank ahead of your investment.
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