Replies

• 6 June 2019 at 4:34PM

  Reaper Forumite

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  6 June 2019 at 4:34PM

  Thanks. Here are some more details:
  
  FCA warning: https://www.fca.org.uk/news/warnings/asset-life-plc
  
  FCA action reported in the Times:

  The Financial Conduct Authority told The Times yesterday that it had contacted the internet provider of Asset Life’s website to have it removed.
  
  “Asset Life is not and has never been regulated by the FCA,” an FCA spokeswoman said. “We have taken steps to protect consumers by asking the internet provider to take down their website.”

  Source: https://www.thetimes.co.uk/article/regulator-in-move-to-block-asset-life-site-2t7lfqw5w
  
  It took them a mere 5 years to spring into action.

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• 6 June 2019 at 4:48PM edited 6 June 2019 at 4:59PM

  Reaper Forumite

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  6 June 2019 at 4:48PM edited 6 June 2019 at 4:59PM

  As mentioned previously its chairman M J Binks was previously associated with Anglo Wealth which has had an FCA warning about it since 2014. Additionally Bond Review reported:

  In December 2018 Anglo Wealth Limited was described as an “elegantly packaged scam” by a Southwark Crown Court judge

  
  Also as mentioned previously he used to be involved with LCF as a director 2015-16
  
  So what might have brought the FCA's attention to this company at this point? Maybe this:

  Lord Myners has tabled a parliamentary question asking whether the government or the FCA “are investigating the activities of Asset Life and the suitability of its directors”. It’s high time someone did. One LCF’s enough.

  Source: https://www.thetimes.co.uk/article/clues-to-lcf-disaster-were-all-there-2kvkx8kbk
  
  That final Times article is well worth a read as it highlights the links between LCF and Asset Life. I'm not sure whether I should reproduce all the allegations here. Better to read the original I think.

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• 19 August 2019 at 2:59PM

  Reaper Forumite

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  19 August 2019 at 2:59PM

  Now they have finally gone bust to nobody's surprise:
  https://bondreview.co.uk/2019/08/16/curse-of-2019-strikes-again-as-asset-life-plc-goes-into-administration/
  
  Now we get to see if that guarantee by Klapton run by somebody banned from all regulated activities by the FCA is worth anything. They are based in the Autonomous Island of Anjouan, Union of Comoros. It has a fascinating legal system mostly decided by village elders and the government says:
  "The Central Bank of Comoros recalls that up to date, no license has been delivered for the exercise of financial offshore activities in one of the islands of the Union of the Comoros" URL="https://en.wikipedia.org/wiki/Anjouan#Banking_system"]Wikipedia[/URL

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