All my working life I have contributed into whatever pension scheme was available to me through my employer thereby taking advantage of employer contributions on top of my own. Then a little over 5 years ago I was engaged by an IFA who came highly recommended through a number of personal recommendations. However, after following advice given and making recommended investments things started to unravel. The main investment turned out to be a scam and the next biggest investment in Verdant Australian Farmland turns out to be semi-barren drought plagued land returning a total of Aus $240 over the 5 years I've had it - I'd have got a better return leaving the money in a current account.
Mentally I've written off this loss of over £80k, but at the same time I've engaged a legal team to seek compensation or recover whatever monies they can. There are no promises and my hopes are on the pessimistic side of reality and reality is that I will be doing well if I recover 50% of that figure.
Meanwhile, I am still enjoying my driving job with University of Derby, the free time it allows me, the income it provides (not what I've been used to but keeps me off the homeless list) and the opportunities that not working 9am - 5pm provides.
4 comments:
I have also got a SIPP investment with Verdant Australian Farmland. Really worried I have lost it all. Do you expect to recover anything?
I haven't started proceedings with/against VAF as it is a 7 year contract so I won't know for 2 - 3 years what the true position is should I decide (most likely course of events) to terminate my "investment".
I am hopefull that there is a basis to proceed with a claim with the FSA (or whatever they decide to call themslves) but for me it is one at atime and SAE is the larger investment so first in line.
You could do worse than contact the firm handling my claim:
Wybract Limited
Essex House
71 Regent Street
Cambridge
CB2 1AB
Tel: 01223 967656
Thanks
I see they are apparently in the process of "restructuring" the scheme to allow investors cash in their shares. But I will believe it when I see it. At least I am not alone!
Hi
I was told to invest £50,000 into gas verdant Australian farmland. It finishes in 2018 and I got a recent value at £15,560. Another miss sold fraud.
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