If you have ever parked your car at an airport and shook your head in disbelief at the cost, you might perhaps understand why some people thought Park First would be a wise investment. Incorporated in 2010, Park First offered investment in car parking schemes at Glasgow and Gatwick. Given the fact that Gatwick is one of the busiest holidays in the world, it’s easy to see why some thought this would be a money-spinner.
Park First was sold with the promise of high returns on the investment, thought to be around 12% by year five of a six-year agreement. It seemed too good to be true, and by the time the Financial Conduct Authority (FCA) got involved, we all realised that’s exactly what it was. Park First is still in operation, but they no longer offer the scheme in its original form.
Unregulated pension schemes like this one should really only be targeted at investors with substantial wealth and a good understanding of the risks that may or may not be involved. For the ordinary man or woman looking to add to their holdings as they approach retirement, they are completely inappropriate. Unfortunately, too many people have found this out the hard way.