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Park First

Park First

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 airports 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.

So much promise, so little reward

In 2017, the FCA advised investors to seek legal advice at the earliest opportunity. That same year, the company recorded a spectacular – and worrying – loss of £30 million. Many investors who lost out had gambled their life savings, their pensions pots or in some cases had remortgaged their properties. Now they are left to pick up the pieces and to look ahead to a very uncertain future.

It’s so easy to be tempted by investment schemes such as Park First. Those who succumbed to the hard sell and the slick marketing materials were simply looking to make their retirement years a little more comfortable. These were trusting individuals who thought they were doing the right thing for themselves and their families. It’s not right that they fell foul of a scheme that was completely unregulated by the authorities.

If you lost money through a Park First investment, it may be that Beat the Banks can help. To start the ball rolling, why not get in touch with our specialists for a friendly, no obligation chat? All you have to do is call 0800 193 1234 or use our online contact form. We look forward to hearing from you.

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