user not found Posted November 26, 2020 Share Posted November 26, 2020 BBC News - German property company collapses with my pension https://www.bbc.co.uk/news/business-55077709 Quote Link to comment Share on other sites More sharing options...
user not found Posted November 26, 2020 Author Share Posted November 26, 2020 (edited) One chap gave his entire £270k pension to them. Bloody idiots. Greedy and ignored the risks. Edited November 26, 2020 by Sausage Quote Link to comment Share on other sites More sharing options...
ubuntu Posted November 26, 2020 Share Posted November 26, 2020 greedy boomers, can't go wrong with property Quote Link to comment Share on other sites More sharing options...
Former postman Posted November 26, 2020 Share Posted November 26, 2020 Lol Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 26, 2020 Share Posted November 26, 2020 BBC News - German property company collapses with my pension https://www.bbc.co.uk/news/business-55077709 "To not know that if anything went belly up that I would not have any recompense, I definitely wouldn't have touched it with a bargepole, because I'm a low risk person" Err Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 26, 2020 Share Posted November 26, 2020 I thought Germany had the ideal property market? Quote Link to comment Share on other sites More sharing options...
Former postman Posted November 26, 2020 Share Posted November 26, 2020 "To not know that if anything went belly up that I would not have any recompense, I definitely wouldn't have touched it with a bargepole, because I'm a low risk person" Err She skipped the part where it said "The value of investments can fall as well as rise, capital is at risk", so its obviously not her fault. Quote Link to comment Share on other sites More sharing options...
satsuma Posted November 26, 2020 Share Posted November 26, 2020 Wha Wha, bohoo. tears before bedtime as predicted, people too thick to see it coming, zero surprise Quote Link to comment Share on other sites More sharing options...
ubuntu Posted November 26, 2020 Share Posted November 26, 2020 (edited) I thought Germany had the ideal property market? It's British spivs/scammers pretending to be a German company BBC Radio 4's You & Yours has found evidence suggesting loans were paid to director Charles Smethurst and his family. We have seen documents suggesting investor money was used to pay for fashion shows, television stations, beauty products, parties and rent. The programme has also found evidence suggesting some investors were paid back with other investors' money. Edited November 26, 2020 by ubuntu Quote Link to comment Share on other sites More sharing options...
Freki Posted November 26, 2020 Share Posted November 26, 2020 Are those guys snowflakes crying for a bail out? Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted November 26, 2020 Share Posted November 26, 2020 Well that stinks. And I don’t revel in their loss, don’t like to tempt fate. Quote Link to comment Share on other sites More sharing options...
captainb Posted November 26, 2020 Share Posted November 26, 2020 This is part of a massive ongoing pensions liberalisation crap show. It really is a scandal. It goes : Mrs Miggins with her full pension goes to a dodgy IFA. Dodgy IFA says yes cash it all in 250k loads of money. Dodgy IFA gives it to dodgy Co. Dodgy Co gives a "marketing fee" to the IFA of upto 25%. Remaining 75% held in dodgy Co bonds... Dodgy Co has no real compliance and spends cash on the directors horses etc. Goes bust. Mrs Miggins wonders where her pension is. Really nasty. Wouldn't gloat. Pension liberalisation was written by people I. E tory MPs who understand investments and assume everyone does. It's very wrong. Quote Link to comment Share on other sites More sharing options...
smash Posted November 26, 2020 Share Posted November 26, 2020 I thought Germany had the ideal property market? These muppets were probably mugged over by the marketing line "invest in up and coming Germany" Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 26, 2020 Share Posted November 26, 2020 She skipped the part where it said "The value of investments can fall as well as rise, capital is at risk", so its obviously not her fault. She's a boomer. Their whole life has been one big bailout. Quote Link to comment Share on other sites More sharing options...
phantominvestor Posted November 26, 2020 Share Posted November 26, 2020 Capital is at risk when you invest in property. These people should have diversified their pensions. My pension is in Europe mate. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted November 26, 2020 Share Posted November 26, 2020 "To not know that if anything went belly up that I would not have any recompense, I definitely wouldn't have touched it with a bargepole, because I'm a low risk person" Err You might be forgiven for thinking that the money was directly backed by property and that there was limited risk. However, this appears to have been a ponzi scheme. While I think that I would have been able to identify the potential risks involved, I have the advantage of working in finance and dealing with this sort of thing. But, financial literacy is so low that i find it hard to blame anyone - it's one of the reasons why there is so much conduct regulation. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted November 26, 2020 Share Posted November 26, 2020 This is part of a massive ongoing pensions liberalisation crap show. It really is a scandal. It goes : Mrs Miggins with her full pension goes to a dodgy IFA. Dodgy IFA says yes cash it all in 250k loads of money. Dodgy IFA gives it to dodgy Co. Dodgy Co gives a "marketing fee" to the IFA of upto 25%. Remaining 75% held in dodgy Co bonds... Dodgy Co has no real compliance and spends cash on the directors horses etc. Goes bust. Mrs Miggins wonders where her pension is. Really nasty. Wouldn't gloat. Pension liberalisation was written by people I. E tory MPs who understand investments and assume everyone does. It's very wrong. Is there such a thing as a non-dodgy IFA? Quote Link to comment Share on other sites More sharing options...
captainb Posted November 26, 2020 Share Posted November 26, 2020 (edited) Is there such a thing as a non-dodgy IFA? Not that I have met. But at least the big boys just overcharge on a % for a tracker. Of course not enough money in Mrs Miggins 50k pension to make it worthwhile to charge 0.6% of assets for St James Place etc . So they get creative above a kebab shop and she gets done over Edited November 26, 2020 by captainb Quote Link to comment Share on other sites More sharing options...
GregBowman Posted November 26, 2020 Share Posted November 26, 2020 She's a boomer. Their whole life has been one big bailout. Bailup I think is the phrase your looking for with HPI..... Quote Link to comment Share on other sites More sharing options...
reddog Posted November 26, 2020 Share Posted November 26, 2020 (edited) I thought Germany had the ideal property market? I think in this case "German" was misused by British crooks to indicate a strong and stable property market. Thats not to say Germany doesn't have it's fair share of dodgy dealer's (think Wirecard which the German authorities had no interest in investigating) Edited November 26, 2020 by reddog Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted November 26, 2020 Share Posted November 26, 2020 Is there such a thing as a non-dodgy IFA? Yes Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 26, 2020 Share Posted November 26, 2020 You might be forgiven for thinking that the money was directly backed by property and that there was limited risk. However, this appears to have been a ponzi scheme. While I think that I would have been able to identify the potential risks involved, I have the advantage of working in finance and dealing with this sort of thing. But, financial literacy is so low that i find it hard to blame anyone - it's one of the reasons why there is so much conduct regulation. Except it's not a regulated investment. Quote Link to comment Share on other sites More sharing options...
winkie Posted November 26, 2020 Share Posted November 26, 2020 Want no risk, no capital growth and no income.....there are places to put it where you know will get your money back......pays your money takes your choice. Quote Link to comment Share on other sites More sharing options...
msi Posted November 26, 2020 Share Posted November 26, 2020 Yes Yet to meet them Quote Link to comment Share on other sites More sharing options...
hotblack42 Posted November 26, 2020 Share Posted November 26, 2020 Yet to meet them I didn't say she was typical 🙂 Needs to be hefty fund in play to justify the fees, but my IFA is straight as a die and very diligent. She was recommended by a friend of 37 years who happens to be a Pension expert himself. Would Be wary of choosing an IFA 'cold' TBH. Quote Link to comment Share on other sites More sharing options...
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