A sad repeated story, but here is mine.
Am a single mother bringing up a teenage son, who was working in Bangkok Thailand for several years. Moved my old company pension overseas from a “safe” UK scheme to a QROPS, a regulated UK overseas
pensioners scheme.
PPI Advisory invested 50% of my pension pot into LMPF, with all the assurances that it was a safe investment, which is what I wanted.
The massive loss is too painful to even think about, every time I have asked the advisor I get a lot of legal bumpf and helpless shaking of heads, but nothing concrete – passing the buck to the Australian authorities, who are doing little by all accounts. Or very slowly at the very least.
Am taking this complaint to the Thailand securities commission. What more should I do?
I’m not sure what else that can be done, but I’m still looking…
I also retired to Thailand, sold my hose in the U/K and invested all my cash using my advisor’s advice into LMPF.
What company advised you in Bangkok?
I would like to take my problem to Thai Securities Commission if it would help.
Professional Portfolio Investments, PPI – based in Asok, Bangkok.
Sorry for your loss, though maybe we should join forces? The Thai authorities would pay more attention. Would you want to do that.
Tks
Hi Manita
My advisors were Platinum Financial Services,in Klong Toey Bangkok.
I have no idea of how to complain to the Thai Authorities, this thought came from Aggrieved Investor #2864, but I would join forces if this would help.
I am looking for Canadian or American expats so
that we can complain to the US or Canadian authority
or get some articles published in the paper
Ok, Charles.
Ok, Charles.
I am getting some paperwork ready to send to the SEC in Thailand to at least get their point of view, whether they can help or not. The documents they have asked for are
– Evidence of the Pension money transfer to your new Fund
– Initial recommendations given by your IFA to invest in LMPF.
If you can get hold of these, would help a lot.
Cheers
MK
I first invested in Lmpf in 2008 for 3 years I have the transfer on my computer, I reinvested in 2011 for a further three years once again I have the roll over details on my computer, I also have correspondence between my advisor and myself informing me he recommended my roll over for further 3 years. I don’t know if that would be useful.
Regards
Charles
Hi Manita
I have my contract note with L.M. M.P.F. and the transaction statement, I can also copy to you my emails with my advisor, this might give a bit more weight to your statement to S.E.C., if you send me your email I can do this. chas.baker@yahoo.co.uk
Charles
I also lost a bundle my advisor was Alan Hall of PPM international in Chiang Mai – would like to know if Thai SEC would have any authority here?
Sorry the name was PFM International not PPM International
I lost through Alan Hall too.
Not registered with the Thai SEC.
He, his employees and his company were all working illegally under the umbrella of another business.
IFAs got about 15-20% of your total LM investments, under the table, which was why they were so keen to use LM funds.
I have no idea about their commissions but I do know Alan lost money also – I see he has set up a new company now in the UK. I am in the process of speaking to Australian PM and UK minister – probably a waste of time. Personally I feel it is Peter Drake who needs to pay.
http://www.andrew-drummond.com/2014/05/expats-club-founder-in-monetary-scam.html
http://www.ukexpatspensions.com/about-us/
Alan Hall, lost no money of his own.
He lost part of his commission, which LM paid to him in LM shares (which he couldn’t sell for 5 years).
From his declared 300kUKP loss (of free shares) it can be calculated he lost over 2,500,000 pounds of his clients money. About 40% of all the money he handled.
Worse than that, all the investments he made were with companies that also paid him excessive commissions. Not to mention FPI (IoM) that paid him 10% of your pension pot in commission, which they recover from you be taking 4% a year on hidden commissions from your investments or a 25% penalty transfer out fee if you try to escape their clutches.
If he put you in FPI whatever is left of your pension will continue to make losses every year.
I will be happy to write a letter to the Thai SEC…with all our complaints.
Do you know if your advisor is regulated? It’s possible to find out from the Thai SEC website.
Also have a look at LM investor victim centre online for useful resources that your advisor will probably not tell you about!
Can you help me with a link to the Thai SEC website?
Hi Adam, here’s a link to the Thai SEC website where you can search by a last name to see if an individual is a licensed investment adviser:http://market.sec.or.th/public/orap/IC03.aspx?lang=en&CompRunCode=
And here’s a link listing all the firms that are licensed investment advisory firms:
http://capital.sec.or.th/webapp/en/infocenter/intermed/comprofile/resultl_iac.php?ref_id=195&lang=en
Hope this helps, Misty
I contacted your on April 12th regarding the
Thai sec but am still waiting for your reply.
I have wrote to the Australian Prime Minister and George Osborne, and have been in touch with the South China Morning Post who are doing a piece on L.M.
Sorry, I’m not Manita, I’m Adam, the owner of the site.
Hi Charles,
Sorry I did not get back to you, its been busy at this end..I finally had a response from the Thai SEC and they have put PPI on an investor alert list as well. If you are interested in doing the same with your IFA, I can send you the the process I went thru..do send me your email id please. I can do this offline directly to you. Let me know, thanks.
I was sucked into FPI IoM by Alan Hall three months after I arrived in Thailand eight years ago. I made it very clear exactly what I needed, and that I knew nothing about investment or finance. After I’d paid in a large cheque, two months later I received from FPI details of my fund which I didn’t even recognise. Everything I’d requested was totally ignored and lies had been told about his qualifications and UK registration to give investment advice. At this point in time, I’ve lost around 20 per cent of my investment.
A year later I was already losing money due to high charges – what I didn’t realise was that he’d not even sent my contact details to the BKK intermediary, MBMG, or to PFI. I started to investigate online, and now have a good few years of proof of misdemeanors by all three companies involved.
I was encourages by a third party known to Hall to invest in LM just 6 weeks before it folded – luckily I’d read warnings about Drake online for several years – and was able to dissuade a newly-arrived expat from buying in.
There must be a good few ways to get at Hall now his whereabouts are known – but it would be good to have a class action-style group to approach the UK media.
I wholeheartedly support going after these “advisors”… I’m still chasing mine…
Just seen this piece by Andrew Drummond,
http://www.andrew-drummond.com/2014/05/expats-club-founder-in-monetary-scam.html
Those involved might like to check out the Teak Door Chiang Mai forum’s ‘Chiang Mai Expats’ Club’ thread – don’t be put off by the title, there’s some good info on there regarding details about Hall and his sidekick.
Seems a group are getting together, including LM victims, and have already contacted the UK FCA and several product providers.
Strength to your elbows, guys!
In case you haven’t already heard, the Thai SEC have issued an investor alert following many complaints about LM and other mis-selling. The alert states the law as regards unregistered expat FAs.
PFM International is noted as unregistered in a list of offending FA companies, including deVere.
This should help anyone who’s going after the product providers as well. To those on this thread who wrote in – good on ya, guys!
I have just E mailed FPI asking for help to recover charges to a pension with them I was not told about by PFM – their initial response is “take it up with PFM” so I have asked them if it is their practice to deal with unregistered companies.
Very poor response from FPI – I wonder when they first knew about LM fund and why they did not warn policy holders
I found warnings about LM online at least two years before it crashed – impossible to believe FPI weren’t aware. They simply don’t give a damn.
Don’t waste your time with the complaints desks at FPI – they’re trained to give you the runaround – Go straight to Andy Briggs – the IoM CEO, and also send full details to the FCA in the UK – FPI International is regulated with them as it’s controlled by its holding company Resolution, based in the City of London financial district
For lots more on this, visit the Teak Door Forum’s Chiang Mai Expats Club thread – 20 pages of what went down and what’s still going down
Mimi
Me too – meetup?
m
Seems that those of us in CM who were victims of massive mis-selling but manages to avoid getting dragged into the LM disaster have now lost interest in getting together and sharing ideas and strategies.
PFM – or whatever Hall decides to call his next attempt at bolstering his own bank account at the expense of others – is still, according to his sidekick’s press interview, alive and kicking in CM via phone advice from the UK. I’m told that insurance is still being sold (illegally?)via the Expats Club.
No change there, then. Shame. On all of us for not kicking back hard enough.