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We took the view that these were collective investment schemes, which can be a high-risk investment. Only authorised firms and individuals can operate or promote them.
Park First is not authorised by us and is not permitted to provide regulated financial services.
Park First has agreed to stop operating and promoting the original schemes. They are now offering investors in the Gatwick and Glasgow car parks the choice of:
- getting their initial investment back
- moving into a new Lifetime Leaseback scheme
The Lifetime Leaseback scheme is not a collective investment scheme and not regulated by us.
Given the circumstances of this case, we will not take further action at this time, but reserve the right to do so if it appears action is appropriate.
What it means for investors
Investing in an unregulated investment provided by an unauthorised firm means you are not protected by the Financial Services Compensation Scheme (FSCS) or The Financial Ombudsman Service (FOS).
We do not endorse the Lifetime Leaseback or any other Park First investment. We express no view about the merits or level of risk of such investments. We have not verified the factual accuracy of the promotional material for the Lifetime Leaseback scheme.
Existing investors in Park First who are asked to make a decision about their Park First investment should seek such independent financial and/or legal advice to assist them in making their decision as they consider necessary.
In case of queries, please contact us.