Wealth management company

[EddieB]

At the risk of pressing the nuclear button, we live beside a “businessman” that operates a number of companies from what used to be a small building in a quiet neighbourhood.  He’s hardly the sweetest of neighbours, having used threats of litigation against neighbours who raised objections to his little empire.  (Replace one storey with three).

 

Among the businesses registered are a property development company and a wealth management company.  Both are owned 50/50 by him and his wife.

 

I’m puzzled because though the WMC is registered in the Uk, there don’t appear to be any licensed advisors resident in this country, trading property and equities.  They are all American and based in the USA.  Is that legitimate?

 

Secondly, is it right that they can advise investors to put their money into a property fund, exclusively owned by the same couple?  In other words to use their investors money to support their wider ambitions.

 

Who would be able to check and verify the propriety of the wealth business?

[woodenhead]

Personally I would be wary of asking questions such as these on an open forum.

 

You don't describe a person who would take nicely to having people openly snoop about the legitimancy of his business.

[chris p bacon]

2 hours ago, EddieB said:

I’m puzzled because though the WMC is registered in the Uk, there don’t appear to be any licensed advisors resident in this country, trading property and equities.  They are all American and based in the USA.  Is that legitimate?

 

That would be a question for the FSA (or whatever they're called now)

[Enterprisingwestern]

 

Bargepoles spring instantly to mind.

 

Mike.