Money doesn't grow on trees

Posted on Jan 24, 2018

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Back on 1 April 1957, the BBC’s Panorama programme ran a spoof film about a Swiss family harvesting pasta from their spaghetti tree... The hoax clip, narrated by distinguished broadcaster Richard Dimbleby, featured a family from Ticino in Switzerland carrying out their annual harvest, with strands of spaghetti being carefully plucked from their trees and laid out in the sun to dry… Recently, the BBC ran a – sadly true – story about a truffle tree pension scam. 

Money tree

The BBC reported that, as many as 245 members of the public have lost an average of £55,000 each, after falling victim to a series of pension scams. Among those who lost money was a couple from Hereford, who invested in a firm producing ‘truffle trees’.

In 2013, the couple transferred more than £78,000 to an investment organised by a man called Alan Barratt, after he told them they could get a better return on their investment. They were assured the funds would be invested in low-risk investments. However, they were then sent details of a firm producing so-called truffle trees in the West Country.

The victim told the court: “My final salary pension is in a scheme that I don't understand the status of, but which I have been told is a scam.”

Four people who ran 11 dishonest schemes have been ordered to pay back £13.7 million they took from their victims.

The old adage certainly applies here – if it sounds too good to be true, then it probably is! Here at The Goodman Partnership we only use regulated investment arrangements. There will always be people out there pushing ‘get rich quick schemes’ – in the finance world, investment greed very usually equals huge losses. Money does not grow on trees…

We are committed to providing the best possible advice and service to our clients at all times. We are always open and transparent in the way we deal with our customers and we’ll communicate clearly, without the use of jargon. We’ll also only make recommendations after obtaining adequate information about your circumstances and requirements.

Call us if you want clear and trustworthy investment advice.

 

 


Goodman Chartered Financial Planners is a trading name of Fairstone Financial Management Ltd. Fairstone Financial Management Ltd., is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England and Wales no: 05574120. Part of the Fairstone Group. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.