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TODAY'S OTHER NEWS

Watchdog winds up scam property fund

A scam property fund has been wound up on the recommendation of the Financial Conduct Authority after glaiming to offer guaranteed returns of up to 51.47 per cent.

The FCA claims that Hermay Limited had been accepting deposits from consumers without the authority’s authorisation “and we suspect it has operated a scam property fund claiming to offer guaranteed returns of up to 51.47% from investments made tangible property funds after a one year investment.”

Now the High Court has wound up Hermay and a liquidator has been appointed to investigate Hermay’s activities. The liquidator will contact affected investors to confirm if any money can be returned to them once the investigation is complete.

“Our experience with this type of scheme is that consumers only receive back a small fraction of what they invested. Unfortunately, these consumers will not have access to the Financial Services Compensation Scheme if they suffer losses as Hermay is not an FCA-authorised firm” says a statement from the authority.

“We strongly advise you to only deal with financial firms that are authorised by us, and to check the [FCA’s] Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us” it says.

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