Updated 04 May 2021
The recent failure of a scheme that promised 11% annual returns has left investors with devastating losses, in some cases wiping out whole pension pots. Nick Green warns savers not to let greed cloud their judgement.
A firm that leased cars to low-income workers while offering huge returns to investors collapsed earlier this year with debts of over £34 million. It took with it many people’s life savings – and providing yet another warning against unregulated and over-hyped investment ‘opportunities’.
Buy 2 Let Cars, run by Raedex Consortium, wooed potential investors with an especially powerful lure: the chance to earn market-busting interest while helping an apparently good cause. The company supposedly generated income by renting out new cars to essential workers and those with poor credit. At the same time it offered remarkable returns to those who invested in…