Jump to content
House Price Crash Forum
Sign in to follow this  
Converted Lurker

Tight Wad Needs Access To Ft Article

Recommended Posts

Watchdog confirms probe into property company

By Jim Pickard,Property Correspondent

Published: October 29 2005 03:00 | Last updated: October 29 2005 03:00

The Office of Fair Trading has confirmed that it is examining complaints about the largest residential property investment group in the UK.

Inside Track holds free seminars and more detailed two-day seminars costing £2,500 offering advice.

Attendees are then invited to become members of Instant Access Properties, a sister company, for a further £6,000 and a monthly subscription charge in return for access to discounts on new property.

The group behind both companies issued a statement this week denying a report in The Observer newspaper which had claimed that there was an "investigation" into its activities.

It said it was taking legal action against The Observer because of "false" and "grossly misleading" reporting. It was wrong to portray the OFT's position as an "investigation" when the body was merely taking a preliminary look at complaints, said Tony McKay, chief operating officer of both companies.

"There is a difference between an investigation and considering one," he said. "They are certainly not investigating us . . . they did not contact us prior to the Observer running the article."

The company said it had been "assured categorically" by the OFT that there was no such inquiry.

But the OFT has told the Financial Times it has been looking at more than one complaint by the public about the group.

"Essentially, we are aware of complaints about these companies and examining these complaints," said the consumer watchdog.

Last weekend's Observer article carried details of grievances from three disgruntled customers. Instant Access Properties said these were one-sided and unfair.

The OFT refused to say whether or not these complaints were the ones it was looking at.

Mr McKay said Instant Access did not know what the OFT's activities related to: "We have been trying to find out from the OFT what the issues are on the table, did they relate to marketing or property transactions?" he said.

Property investment clubs have been under the spotlight in recent months for their frequent claims to have made "millionaires" of investors. Many, including Inside Track, have encouraged people to build up huge property portfolios despite questions over the future direction of house prices.

The Department of Trade and Industry has closed several such groups this year.

Inside Track, which has more than 5,000 members, has itself called for the government to regulate the industry through the Financial Services Authority, the City watchdog.

The group claims to be responsible for nearly one in 10 acquisitions of new flats in the UK.

Share this post

Link to post
Share on other sites

In the forthcoming house price crash, Inside Track and others like it must go out of business.

Economic cleansing is the order of the day.

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.