It’s a funny old end to the week, I have little new ARM information that I can provide you with. I’m aware of a couple of things going on in the background, which are quite positive, but am unable to report on them until they are able to be placed in the public domain. There are a couple of ‘legal’ things below which I’m providing as information for readers. Ian Ward and I have agreed, that in the case of what Regulatory Legal have sent us, this should be made available to you all, even though it was the considered opinion of the Steering Committee that they should not have been engaged to ‘expedite’ bondholders claims on the FSCS, when that was the legal issue of the day. Obviously Regulatory Legal take a different view on this.
“We all thought the claim to the FSCS was a dead cert….”
I don’t know how many of you have been following the press coverage accorded to Gordon Pullan, following the decision by the FSCS that we are not covered by it’s compensation scheme, but the quote I’ve reproduced is in the text of the ‘This is Money’ article, below, and was originally part of it’s title, but this was edited out for later readers.
It has always been my contention, that the background to what happened with ARM and to other retail sellers of SLS Bonds was more involved than meets the eye. The views expressed by many outsiders who see what has happened to those investing in the ARM bond is a derivation of the view,“if it’s too good to be true it probably is”
The article that was published by the ‘The Telegraph’ on Saturday and republished on this website below, gives a new insight into why some of the “Big boys” in the industry might have been dismayed when the likes of ARM, EEA, KeyDate etc, were offering such high returns to investors, in comparison to the meagre rates being offered then and now?
Bob will discuss this in a future update, you may wish to email him your own views.
How annuity firms clean up at your expense
‘Huge’ profit margins on annuities mean smaller incomes for pensioners.
By Richard Evans | The Telegraph
7:45AM GMT 09 Mar 2013
Hovering in the background, but not forgotten, are the large, and growing number, of bondholders who are trapped in the impasse created by the zero valuation of their ARM bonds inside the Carey Pensions SIPP. A regular reader and correspondent, has submitted his tale of woe and readers may find this on the website. (link) Irrespective of whether you are one of the trapped, or not, I recommend that you give it your attention as it reinforces yet again why we require an urgent resolution of our current situation. Any readers who wish to share their experiences with the author, should reply to the usual address, below, and entitle their email Carey SIPP, anything received will be forwarded on.
Through these pages I would be grateful to seek a collective view from any other distressed ARM bondholders, to enable me to try and understand if my seeming circumstances with Carey Pensions are either, unique or simply the same as everyone.
This is not the ‘Update’ I intended to write today, but Thursday’s surprise announcement from the FSCS changed my plans. I confess that some of what I write below may sound rather triumphalist, a bit “we told you so”, to the more sensitive readers, but, I make no advance apology for this as the facts speak for themselves.