Anyone see the similarities between this company and dozens?
If it sounds to good to be true…
You’ve got to feel for those people that lost their life savings though.
I’ve always wondered about the company attached, Surge. They’re always in the local paper talking a big talk as if they’re one of the big players in town, and there are a number of companies who are really huge at what they do but known by no one outside of the areas they work in who have huge anonymous offices dotted around the centre of town so i wondered if they were one of those, but they seem to have their offices above a Barclays Bank and i’ve never been quite sure what they actually do. They seemed to be a PR company specialising in finance from what ive seen before, but their website makes them sound like they’re in finance themselves. All very murky.
Never let someone with the surname of ‘Careless’ handle your money…
It does show how important it is to check out something which seems too good to be true.
LCF paid an agent, Brighton-based Surge PLC, 25% commission
fees for LCF are in line with the industry standard.
Clearly I’m in the wrong business. 25% commission as “industry standard”!
Especially on an ISA, where was they hoping to recap that. This has scam written all over it
I think a major issue is this firm were able to say they were FCA authorised, which reassures people.
It turns out the type of FCA authorisation they had did not authorise them to do what they were doing.
But it’s really hard for comsumers to understand the ins and outs of different types of FCA authorisation. The FCA website is very consumer unfriendly.
According to companies house, surge plc buy and sell real estate
It could be good to have distinct badges to indicate what they are approved for. FCA:Financial Advisor etc
Murkier and murkier…
People are greedy, it could have been called London Scam and Capital Finance and people would still invest for an 8% return. Even high risk investments and bonds would struggle to guarantee 8% return.
Crazy to invest.
I wonder if they can trace the money through all the companies “lent” to and see where it ended up.