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Loiner

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Posts posted by Loiner

  1. 3 hours ago, samran said:

    No, the only one who is triggered here by the word foreigner is you. 
     

    But nice post the rest of it, but I’ve seen better arguments from my 12 year old  daughter. At least you haven’t ended this post in the possibility of harm happening to me. Well done - must have been an effort for you. 

    Nope, it’s all you Blue. Antipodean lefty snowflakery at it’s best. 

    Mate, those chips on your shoulders are way out of balance.

    Any harm? Well that would be have to be all self inflicted. Don’t do it mate. 

    • Like 1
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  2. Lots of obviously knowledgeable advice from two posters there, but which to follow? Need some sound advice - don't take any from the fiancial conmen lurking around Thailand! That doesn't mean the boiler room boys, as you are probably not on their radar anyway, plus scamming too close to home could have very serious consequences for them.... At all costs avoid the local IFAs and any others who swan in from other countries.

     

    A poster noted above that it is now becoming increasingly difficult to get proper UK based advice if they know you are not based back in god's own country. AFAIK back in blighty is the only place you can make the investment (subject to Oxx comment) and have some protection. Legal protection and recourse to reimbursement is an absolute must, unless you are prepared to take risks with your pension pot.

     

    The FCA has loads of warnings about scams: https://www.fca.org.uk/consumers/avoid-scams-unauthorised-firms  They may not all be appropriate for your situation, but you get the gist. Odds on that none you meet in Thailand are authorised.

     

    Even if investments you may consider are not out-and-out scams from the start, you still need the protection if it all goes tits-up.  #LMFundScandal.  Although ours was eventually shown to be an elaborate ponzi scheme, how did none of those supposed to be giving us sound advice for a well regulated location, see it coming? Yes, right up to the week the funds collapsed! All the advisors enjoying the Aussie hospitality while supposedly doing their due diligence, were in fact doing DILLIGAF. They took their excessive commissions and ran.

     

    Also don't be fooled by offers of seemingly safe insurance company wrappers and Bond Providers, who insured nothing, provided nothing, took their fees and ran. Same for the Trustees, who were not to be trusted, but took their fees and ran. 

     

    Maybe your BAE pension sounds safer where it is?

     

  3. Sorry I can't offer advice what to do with your pension and savings, but I can advise you what NOT to do: 

    Do not under any circumstances take advice from an overseas based IFA. Do not invest anything while you are in Thailand under the advice of one of the locally based financial conmen.
    These are not the boiler room gangs, but the financial parasites advertising QROPS services for expats or schmoozing around expat networking events. Don't believe the glossy brochures and claims of being regulated in Hong Kong, Australia or wherever.  They are all unlicenced and unregulated here and acting illegally because the SEC won't licence them. (See the SEC warning list) These commission grabbing shysters are only interested in getting your money into their fee paying funds. As noted by posters above, the fees in the funds are often excessive and only benefit the salesmen and fund managers, while draining your investment.

    Just look around the various Thailand or International forums and news sources about LM Investment Management Ltd. That fund was pushed by many IFAs, who did very well out of it. Not so for the expat investors - they all lost their pensions and life savings. The losses do not fall under the jurisdiction of the Hong Kong, UK, Thailand or Australia and nobody really cares. There are plenty of these scams around.

    Since the change in pension rules last year there are many more sharks circling the QROPS pots of the unsuspecting, especially if they can smell the possibility of an offshore deal. Even so, the only advice I could give would be for any investment to be done IN the UK and under the regulation of the FCA, where you may have the security of a regulatory and legal system behind you if it all goes wrong. Still have to do your own due diligence first though and be very careful.

  4. Best advice for the OP is : DON'T DO IT.

    Don't put your hard earned savings in any of these funds and don't listen to any of these local IFAs. Just ask some of the LM Investment Management victims who were all told their savings were safe - "Just like a bank." then lost the lot!

    You are probably dealing with one of the same unscrupulous and unregulated locally based advisors, who are chasing their commissions. The fund manager will be taking their fees from the fund value whether the funds make money or not, so you loose out again. The whole industry is only slightly better than a pure scam.

    • Like 1
  5. Quote:

    AUS has just had the biggest pension scandal ever, LM Managed/LM International fund in Queensland just lost 75% of all their assets.
    NZ has the same rules, you don't have any protection on a UK earned pension once it's outside of the UK.


    Remember, IFAs working outside the UK are bound by very few rules and often end up putting your pension in junk bonds that give them the biggest commissions. No comeback on them if it all goes wrong. If you must use an IFA, use one based in the UK, at least they have to obey some rules. DO NOT USE ONE BASED IN THAILAND UNDER ANY CIRCUMSTANCES.

    I'll second the above as a victim of LM Investment Management, and now this month Brandeaux Funds, on the advice of a Thailand based IFA. Don't believe a word from the mealy mouthed parasitic IFAs. These shysters and charlatans are only grabbing commissions on the back of your hard earned pension. You could easily loose the lot, as some of the TV members have done already.

    • Like 2
  6. I too am another scammed Bangkok investor in one of LM's now closed funds.

    When the Peter Drake roadshow came to town a few years ago we were assured it was all a temporary liquidity problem due to the GFC. How untrue that has proved to be. There were a few investors present, but I believe more IFAs than real punters. Just how many silent sufferers are still out there? There were so many IFAs pushing LM's toxic funds that there must be dozens of expats in the same position.
    It's scandalous to think that the commission grabbing parasites were still mis-selling investments in LM right up to the last few weeks. I was in favour of legal action in Aus, but it would appear to the cynic in me that LM have thrown themselves into voluntary action partly to avoid the Class Action.

    As mere investors, and only in posession of the barest details, it's unlikely that anyone of us would be able to see evidence of fraudulent activity. If the lawyers can get into the books, they should be able to unravel the mess made by LM and maybe come up with the proof. LM didn't let all this suddenly happen - it's been going on for a few years now. What did all the other professional and financial service providers do with an obviously ailing group of companies - any sort of a cover up to be found here? I doubt the Australian ASIC did anything to protect investors either.

    From what we can now see, this sort if scandal is rife on the Gold Coast. I for one, will never ever listen to any of the 'advice' from any of these financial leeches again. I also strongly urge everyone not to be fooled by their glossy brochures and false promises. I used to politely listen to their polished speil, thinking everyone has to make a living. Not these days though, but they are still out there and looking for new suckers. Cold call me again at your peril, and I will carefully explain.

    I'll PM you Taja and hope to meet others soon.

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