What does this mean?

2»

Comments

  • Pobby
    Pobby Posts: 5,438 Forumite
    Funnily enough, I googled government bonds as I know them to be a safe investment. I certainly will not contact them as I know I will be bombarded by phone calls.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Computer_Beginner wrote: »
    OP,

    If you want to find out more, you could contact Amyma and ask them who the companies are. Then you could find out more about the companies themselves.


    Or you could ask a friend to punch you in the head until you forget the idea. That would, in the end, be less painful than putting any money in a organization that has shady regulation-skirting adverts.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    AnotherJoe wrote: »
    Or you could ask a friend to punch you in the head until you forget the idea. That would, in the end, be less painful than putting any money in a organization that has shady regulation-skirting adverts.

    Or maybe get a bit less money and burn it in an oil barrel fire in the garden and you might still be in profit compared to the likely outcome of this investment.

    Alex
  • polymaff
    polymaff Posts: 3,903 Forumite
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    Pobby wrote: »
    https://government-backed-sector.com/?utm_source=google&utm_medium=ppc&utm_campaign=bonds&utm_term=uk%20government%20bonds&gclid=EAIaIQobChMI2pLb6ZD33AIVBrTtCh3GjAbtEAAYASAAEgJANPD_BwE

    How does the " government backed bonds " work? Or is it some scam that these people can get away with?

    Where are you seeing the phrase " government backed bonds " on that page?
  • jimjames
    jimjames Posts: 17,596 Forumite
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    polymaff wrote: »
    Where are you seeing the phrase " government backed bonds " on that page?

    Possibly this headline although word sector in between

    THE BEST PLACE FOR GOVERNMENT-BACKED SECTOR BONDS

    Not sure how they can use the logos from government departments on their adverts, maybe one to report to ASA
    Remember the saying: if it looks too good to be true it almost certainly is.
  • dunstonh
    dunstonh Posts: 116,313 Forumite
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    edited 19 August 2018 at 2:20PM
    The site is a good example of using words to make you think it is saying something it isnt.

    For example, the site says:
    "FCA-regulated with independent security trustee". However, that doesnt mean that the product is regulated (its not) or that the seller is regulated (it is not).

    "All fund are secured against physical assets with bondholders holding first legal charge" - However, doesnt mean your money is secure. You can easily lose 100%.

    Reference to "Government backed" only to exist to make you think its more secure. Its not. Its very high risk.

    The use of Government logos for departments is breach of copyright and you need permission (which they would not give).

    At the bottom of the page in small text it says:

    Amyma Ltd trading as government-backed-sector.com wish to make it clear that we do not give financial advice and are not regulated by the Financial Conduct Authority (FCA) and as such cannot make personalised investment recommendations to you. If you wish to receive financial advice we would recommend that you seek appropriate advice from an independent financial adviser prior to making any investments.

    So, you can see they are not regulated. If these go bump in the night (as many do) then you have no FSCS protection.

    And that independent financial adviser would tell you to avoid them.
    Their website is also not compliant with regulatory standards (not just FCA).

    edit, interestingly, Amyma Ltd have another site and on that site they claim:
    Amyma Ltd is an Appointed Representative (FRN: 812731) of Equity For Growth (Securities) Limited (FRN:475953) which is Authorised and Regulated by the Financial Conduct Authority.

    Checking the FCA register, they became authorised on the 2nd July 2018. However, the trading name of government-backed-sector.com is not listed as a trading name. Although it is the same limited company.

    The principal company Equity For Growth (Securities) Limited also became regulated on the 2nd July 2018 and the two same people on the first company are listed on this one. So, there appears to be a layering of companies here. We don't know why. It could be legitimate. It is also the method used by firms that plan to phoenix.
    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.
  • polymaff
    polymaff Posts: 3,903 Forumite
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    edited 19 August 2018 at 2:54PM
    dunstonh wrote: »
    The site is a good example of using words to make you think it is saying something it isnt.

    That's the point I was making - and not just to the OP.

    Engage brain before reading, whether it is of a snake-oil advert - or of MSE posts.
  • polymaff
    polymaff Posts: 3,903 Forumite
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    polymaff wrote: »
    Where are you seeing the phrase " government backed bonds " on that page?
    jimjames wrote: »
    Possibly this headline although word sector in between

    No, Jim. You make my point, though.
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