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German Property Company Collapses

AsleepInYorkshire
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German Property Company Collapses

#360292

Postby AsleepInYorkshire » November 26th, 2020, 2:12 pm

A Reminder that Portfolio Diversification is Essential & Needs Applying Correctly
Millions of pounds of investors' pension savings have not been returned by a German property company that was promising to keep them safe, a BBC investigation has revealed.

Another case of "if it looks too good to be true?"

AiY

Alaric
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Re: German Property Company Collapses

#360293

Postby Alaric » November 26th, 2020, 2:18 pm

AsleepInYorkshire wrote:Another case of "if it looks too good to be true?"


It's also a weakness in prudential supervision. There don't appear to be sufficient controls on where pension money can be invested. This is in a regulatory environment that more or less prohibits UK private investors from investing in US based ETFs.

ReformedCharacter
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Re: German Property Company Collapses

#360296

Postby ReformedCharacter » November 26th, 2020, 2:26 pm

I've been helping a friend who got taken for a ride by an IFA. Unfortunately he ended up with 'investments' in Store First storage pods, a Panamanian timber scam and Dolphin. There's currently a creditor's association trying to get some recompense for those unfortunate folk who put money into Dolphin:

https://www.german-property-group-creditors.co.uk/

The IFA went into bankruptcy shortly after I got involved trying to help my friend. The IFA still has his nice house and smart car. Another reason why I wouldn't touch an IFA with a bargepole.

RC


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