Aegon Scottish Equitable International
Is there a group for people who invested via Scottish Equitable International, as we did, or is there a group for Bond investors generally ?
Is there a group for people who invested via Scottish Equitable International, as we did, or is there a group for Bond investors generally ?
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Bond Investors
On the advice of our IFA. We invested a lot of money in a Prudential International Portfolio Account which was then invested in KSF IOM. This was supposed to be a, low to no, risk option to hold the funds made from the sale of our last house and provide us with a small amount of income.
As far as we were concerned we were investing with The Prudential, a UK institution and the funds were being held in The UK. We would never have placed this sum directly in a bank we had never heard of.
So far The Pru is saying very little. We are hoping that they are waiting to see what can be recovered in any sale or liquidation (Or from the government). If that comes up short I hope and expect that they will make good the balance. If they do not we will certainly explore any legal options.
We'd like to join any bondholders group.
Aegon Scottish Equitable International
I am trying to pull together information from bondholders within the Group. In particular how the bond was sold to you, information you were given re. KSFIOM at point of sale - if you can email me with your details and any scans of literature that may have misled you etc. I am building a list of people affected through Bonds so that we can be represented in any PR activity via the trade press but also since the possible action we will have to take going forward is very different to individual depositors.
ASEI - Bonds
Teapot, I will certainly co-operate with you on this.
I have all the paperwork here to hand and have already taken informal advice on the situation. Where do I send the copy information to ?
Like many, I was waiting for the next Govt move before deciding on my next action. I would much prefer to act alongside others as I think there is power in numbers and also its will be comforting to have allies.
I would suggest we attempt to gather Bond holders for a meeting with London being the obvious location. How would Thursday 13th (my lucky number) work for interested parties ? 11am, Central London. I may be able to get my advisor along which would help a lot.
ASEI Bonds
email me at Teapot via the site - click on my name and you will access a contact form - and I will contact you directly. I can't do the 13th but would like to talk to you asap
Aegon Scottish Equitable International
I also deposited via ASEI in March this year - £250K. All paperwork signed by us showed this amount was to be 100% risk free. £122.5K was deposited with KFS on the advice of IFA. Another £122.5K was deposited with Irish Nationwide in IOM which now has the benefit of 100% guarantee from Irish Government. We only moved the money to ASEI on the advice of IFA as before that it was sitting safely in a UK bank.
Aegon Scottish Equitable
My wife and I invested approximately £260,000 into an AES Wealth management Portfolio in April this year. Just under £200,000 of thus sum was invested in 2 funds operated by Singer and Friedlander. These funds were recommended by my Financial Advisor. We left the choice of funds to the advisor, and were not even aware until recently that there was an Icelandic connection - the account statements never mention Kaupthing. We always made it quite clear that we were particularly risk-averse, and I feel that there is sufficient data coming out now to justify a claim that both Aegon and independent Financial Advisors should have been wary of Icelandic financial institutions. At the moment, like everyone else, I am keeping my fingers crossed that there will be some equitable solution overthe next few weeks. However if that is not the case, then I would be interested to join with others in a similar boat to see what redress we might have.
Funds or deposits
The funds you refer to may well be investment funds which may not be affected by the problems with the bank, Singer & friedlander runs perfectly good investment funds the assets of which are held by a separate company and are segregated from the bank. Depositors fund on the other hand are treated as assets on the banks balance sheet.
Aegon Scottish Equitable International
We invested in May of this year in this bond after it being recommended by an IFA. We were looking for a 'zero' risk investment and this bond was put forward by our IFA. We questioned at the time whether the cash should be split between banks to stay within the compenastion limit of £35k at the time. We were advised that bank was safe and in any event the bond was 90% guaranteed by the uk FSA and as such represented no risk.
We received Standard ASE literature together with a list of availble banks and interest rates available. The covering letter from ASE aslo mentioned that thay had negotiated a special rate with KSF.
At no time were we informed that the money would be invested in the IoM. We only found out that it had been invested in the IoM when i rang the IFA after reading in the press that the UK government had put Kapthing Edge into administartion.
Aegon Scottish Equitable (ASE) - Bond
I am in the same boat as The Mounty, and struggling to fully comprehend the situation as it applies to me ! Can anyone provide me with a simple note of the situation as it currently applies to us ?
I have complained (in a "formal" way) about the complete lack of communication from ASE who appear to have abandoned us, in spite of the fact that it's their name appears on the KSF (IOM) account.
I am actively taking part in the KSF Depositors actions. I've written to my MP twice and will continue to do so. I will put my hand into my (half empty) pocket to help fund legal advice too.
Anyone else out there ?
By the way, I would be happy to meet up at some point, to share (limited) knowledge.