Panorama Blackmore global scandal

daz378

It's awful   and others    companies...Steel workers advised to transfer   to dodgy schemes    hope no one on here has been caught out...and how the FCA   as let people  down

baldeagle09

Watching this. FCA and Andrew Bailey come out of this badly. This is appalling

subjecttocontract

I thought at the start of the program they said investors were attracted by the offer of a 10% return.
You know the old saying........if it seems to good to be true, then it probably is.

baldeagle09

Personally I would 'blame' the regulator rather than the investors. Blackmore was regulated by the FCA.

subjecttocontract

Well why does it have to be one or the other ?
Surely it's possible for anyone involved to carry a portion of blame, if it's appropriate.

baldeagle09

The 'blame' rests primarily with the FCA, Andrew Bailey who avoided investigating Blackmore. Whistleblowers were particularly scathing of the role of the FCA. Conservative MP on Treasury Committee was hostile to FCA  and Bailey.
For evil to flourish, it only requires good men to do nothing

subjecttocontract

I remember when AB was appointed to his current job there were quite a few comments about his poor performance at the FCA. 

dunstonh

Steel workers advised to transfer   to dodgy schemes 

On this particular point, it is clear that factory line firms set up to exploit the wishes of people wanting to transfer and they did it in a copy/paste way.  However, the money mostly went into mainstream schemes with mainstream options at the request of the consumers.

hope no one on here has been caught out..

The posters on this site have pointed out these unregulated schemes for years. Despite that, people still went on to buy them after being told of the risks.

Personally I would 'blame' the regulator rather than the investors. Blackmore was regulated by the FCA.

Being regulated by the FCA only covers regulated activities.   Blackmore bonds were unregulated.

Wildsound

I remember when posts were popping up on this forum left right and centre about Blackmore circa 5 years ago. 

Whilst I remember being concerned about how unsuspecting people were being marketed these products, it puts a smile on my face when I look back and see a raft of regular forum posters were highlighting the risks and the nature of the product and the shady nature of it all.

I genuinely hope that the people that were posting here were able to deter people from throwing their money away. I imagine this forum probably did more help on that front than the fca ever did...

Commiserations to those who have lost money. 

london21

Shocking the numbers involved and the amount of peiple affected. 

If it seems too true to be true,  it probably is. 

The  ponzi schemes never seem to stop been created.  

Nebulous2

london21 said:

Shocking the numbers involved and the amount of peiple affected. 

If it seems too true to be true,  it probably is. 

The  ponzi schemes never seem to stop been created.  

They'll keep being created as long as they work. Greed is a very powerful lever.

Send me £100 and I'll release your million pound prize, doesn't stand up to the most cursory examination, but the allure of it has hypnotised people from long before the internet existed......