Elysian Fuels- Future Capital Partners
Discussion
I have a friend who has a relative that has 'invested' his small pension pot in this a couple of years ago. As I'm an accountant, he's asked my advice and is concerned he has invested in something that amounts to tax avoidance. He certainly isn't an educated investor and has probably been mis-sold the product. That's another issue though.
The pension pot has essentially been loaned back to the individual after investment and there is now concern as to the validity of the loan. This product is mentioned in the same sentence as K2 and Icebreaker etc and we all know what's happened there. Is this product on HMRCs radar at the moment and is it being actively targeted? A web search doesn't seem to throw any light.
Any info on where we are with the product would be useful.
Thanks.
The pension pot has essentially been loaned back to the individual after investment and there is now concern as to the validity of the loan. This product is mentioned in the same sentence as K2 and Icebreaker etc and we all know what's happened there. Is this product on HMRCs radar at the moment and is it being actively targeted? A web search doesn't seem to throw any light.
Any info on where we are with the product would be useful.
Thanks.
Ugh, this one again. I write this making no explicit or implied comment about the underlying Future Capital Partners (FCP) investment.
I have a client who came to me with a previous iteration of this particular investment a few years ago. We sat on it for months as I tried to get updates ("We're just waiting for the first tranche to get invested", "Great news, we're just about to break turf", "We're just waiting to sign the offload contract", "We're just clarifying the EU position on bio fuels" etc etc) until we finally lost patience and disinvested.
That though, is the specifics of the underlying investment - it might be that the bigger issue for you is in the rung of the ladder one above. In the first instance, you might find your client's money is legitimately parked in FCP's bank account losing value as the years go by, thereby increasing the hurdle required when/if the refinery starts making money. It's an esoteric investment too, so check your client was correctly advised about the specific suitability of this underlying investment - as I recall, FCP was paying big commissions.
Was he/she advised about, for instance, the impact on the bio ethanol business plan of the price of oil.. erm, plummeted? Finally, how long has FCP been messing about with bio? I first heard about them a year or two before this.
http://images.futurecapitalpartners.com/diary?page...
I have a client who came to me with a previous iteration of this particular investment a few years ago. We sat on it for months as I tried to get updates ("We're just waiting for the first tranche to get invested", "Great news, we're just about to break turf", "We're just waiting to sign the offload contract", "We're just clarifying the EU position on bio fuels" etc etc) until we finally lost patience and disinvested.
That though, is the specifics of the underlying investment - it might be that the bigger issue for you is in the rung of the ladder one above. In the first instance, you might find your client's money is legitimately parked in FCP's bank account losing value as the years go by, thereby increasing the hurdle required when/if the refinery starts making money. It's an esoteric investment too, so check your client was correctly advised about the specific suitability of this underlying investment - as I recall, FCP was paying big commissions.
Was he/she advised about, for instance, the impact on the bio ethanol business plan of the price of oil.. erm, plummeted? Finally, how long has FCP been messing about with bio? I first heard about them a year or two before this.
http://images.futurecapitalpartners.com/diary?page...
The compliancy audit trail for that type of investment should be an inch thick. If your client is a retail client, relatively naive and inexperienced, he shouldn't really have been exposed to it. The Financial Ombudsman issued a landmark ruling about an investment from one of these types of schemes at the end of Nov/start of December. Confidence wasn't high that the money would be recovered. But notwithstanding that, this particular investment itself isn't one that I associate with Icebreaker etc, and I've heard nothing to suggest that FCP itself is in HMRC's sights. I'd be looking at recommendation suitability in the first instance.
I am afraid this looks like it will end badly for anyone that invested using SIPPs to extract money.
Possibility of a total loss on the investments and hefty tax charges from HMRC. I suggest anyone that took out this scheme contact their financial advisers to get them to put their Professional Indemnity insurers on notice.
http://www.rebus.uk/worrying-news-for-elysian-memb...
Possibility of a total loss on the investments and hefty tax charges from HMRC. I suggest anyone that took out this scheme contact their financial advisers to get them to put their Professional Indemnity insurers on notice.
http://www.rebus.uk/worrying-news-for-elysian-memb...
Apologies, just seen this. I'm probably not the best person to help, have you contacted these?
https://www.hughjames.com/campaign/elysian-fuels/?...
https://www.hughjames.com/campaign/elysian-fuels/?...
This is weird - its the second time that Future Capital Partners has come up this week. And Elysian Fuels? Not much been heard in the news lately, but certainly HMRC will be doing their "thing" and thousands of investors will be ruined. Just surprised SIPP providers such as James Hay and Suffolk Life were prepared to get involved.
Ang, what took you so long?!
I didn't know they were the two providers; funnily enough, in my research, one of them was the only SIPP I could find which would action anbound transfer from a DB scheme, without a positive endorsement from an adviser (i.e., it still had to be presented to them, but could be negative).
For the benefit of PH, if you're overseas in particular, an ex pat and have been scammed and don't know what to do, Ang is your go to girl.
(Sorry Ang..).
I didn't know they were the two providers; funnily enough, in my research, one of them was the only SIPP I could find which would action anbound transfer from a DB scheme, without a positive endorsement from an adviser (i.e., it still had to be presented to them, but could be negative).
For the benefit of PH, if you're overseas in particular, an ex pat and have been scammed and don't know what to do, Ang is your go to girl.
(Sorry Ang..).
I don't do RUSHing! Time all these firms were exposed and brought to justice - they can't hide behind so-called "respectability" any more. I wonder what the FCA is doing about this? (probably not a great deal) - when you see as many scams as I do (including the Elysian Fuels one) you really do get sick to death of why the regulators and police do nothing.
Gassing Station | Finance | Top of Page | What's New | My Stuff