NCFP Finances | UK Pension Disaster Under New Rules?

NCFP Finances - UK Pension Disaster Under New RulesWITHOUT PREJUDICE

NCFP Finances – UK Pension Disaster Under New Rules?

Following the scandal of LMI and its funds being sold allegedly without warning of the risks by a financial adviser in north Cyprus, things have been very quiet of late about what, if any progress is being made to recompense those who lost so much through being given what was, arguably bad advice.

It seems that those victims in north Cyprus were only the tip of the iceberg and many pensioners worldwide were sold the same ‘pup’ according to the Daily Mail who speculate about what will happen when pensioners have freedom to do what they like with their pension. ¹

Pauline Read


¹  Daily Mail

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3 comments to NCFP Finances | UK Pension Disaster Under New Rules?

  • cyprusishome

    A couple of quotes from the article –
    “What they uncovered was a badly managed, high-risk and unregulated fund, containing assets with inflated values, held by a company that had shown signs of being in trouble, but which was overpaying advisers who recommended the fund to their trusting customers.”

    “Advisers who shovelled money into MPF were offered upfront commission as high as 9 per cent to lock clients’ money away. But the fund was never promoted to retail investors on British or Australian soil, where advisers are bound by stricter rules and regulations”

    The owners of FMA maintain that this investment was low risk. Yet look at what they were earning from clients on an investment they knew could not be sold in the UK or Australia.

    I do not know how Scott Kennedy can continue living with himself after persuading so many people to part with their life savings telling them that this was low risk etc. As a warning to others he is still in business in North Cyprus selling who knows what to unsuspecting investors in an unregulated environment.

  • Polly Marples

    Two of those who invested through FMA in north Cyprus are now deceased. Sadly they left widows who now have to live on less thanks to the investment.

  • Polly Marples

    Look on 3cyprusforum where I put anything I can find about this subject, to date over 5293 hits to add to the 30,000 plus when it was on the defunct embargoed forum.

    Clearly victims are still looking for information.