Adviser helping elderly couple chase money after mini-bond firm goes off-grid

£45,000 invested

Hannah Godfrey
clock • 4 min read

An adviser has persuaded a retired couple to contact the police and Action Fraud upon hearing they invested their life savings into a mini-bond provider that has gone off-grid.

IFS Wealth & Pensions director and Chartered financial planner Ricky Chan received a phone call out of the blue on 28 October from a Wales-based retired couple. They had accidentally rang Chan when trying to reach unregulated mini-bond provider Exmount Commercial Developments - the phone numbers are nearly identical. It transpired the couple had invested their life savings with Exmount in 2018, after they were promised between 9.12% and 10.35% annual returns on their investment with three- or five-year bonds. The couple began investing a small amount of money, but over the course of a ye...

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