Deleted.

Replaced by PM.

Your first priority would be to take the initial hit, however painful it may be, and get your hands on your money, better than death by a thousand cuts and haemorrhaging money each month.

I dont know what your money is tied up in or where, and how easy it will be for you to get it back under your control.

If you ever get control of your money, I would be making sure my Brit passport was up to date.

If you are now an American citizen, I would be going to the embassay.

I would also consider contacting Drummond, he has no problem naming and shaming these muppets.

This one "works like that" the main negotiator throughout has been my former "IFA" it is now structured to go into one of his "new funds" this is a four year story condensed, guaranteeing himself yet more fees - obviously I have all the original emails to back this up.
Discussing this subject stirred me up so I wrote a very dismissive email to FP earllier telling them what I thought of having my former "IFA" taking full control of negotiations, waiting on a response, problem is it may be in my best interest to go along with evolving events, so have to be careful, ludicrous situation - throughout they have off course been charging me and giving me zero information - a fact I have reminded them off. If I don't get a satisfactory answer will ask for the address for their complaints department, it all appears extremely unethical to me - any suggestions welcomed!

Sounds like your affairs are complicated to say the least. Looks like not only are the policies themselves poor value as wrappers thru insurers, but also the IFAs that are in the middle have some very dubious links on top, whether they realised it or not. The funds you mentioned like Two Seasons PCC have been subject to various investigations, fraud etc.

Really, the best thing is to get what money you can out of these schemes and invest it with reputable names. Almost anything with a reputable name will serve you better, lower fees, safer/less fraud risk, likely better returns etc etc. eg


-Outside Thailand, places like Singapore have decent options. Based on the amounts mention, you'd be able to get Priority Banking or equivalent with banks like Stan Chart Singapore, with a dedicated Relationship Manager, RM. Singapore fees are higher than say the UK, but well below what you are getting ripped off for. Fo active managed funds: More like 1%-2% entry and annual fees of 1% - 1.5%. Also within a safer regulatory environment under MAS Singapore and could be linked to banking arrangements. You could open a brokerage account with Stan Chart and just buy exchange traded funds linked to indices which would cost around 0.2% brokerage and fees on the ETFs around 0.1% to 0.5% p.a. Just average index performance but the advantage of low fees so most of the returns go to you.

- If you can open an account with the likes of Hargreaves Lansdown, AJ Bell etc in UK, fees would be much cheaper and better range of funds, with safer regulation. Likely 0% initial charge 0.1% - 1.5% annual charge depending on funds selected, and say 0.25% p.a. for a platform fee

I use all of the above options to varying degrees.

Then there's also offshore brokers like Interactive brokers etc others use on here

There really are a lot of choices, much better than what you have at the moment. Plenty of ways people can help you out and suggest things to suit, while leaving you in control of your money.

If you really need an advisor, I'd rather have one thru a bank in Thailand, bank in Singapore, proper asset management company in Thailand etc or regulated platform provider in UK. Or a mix of them all. Much safer than your current set up

First key step though is to get your money back as soon as possible. Away from these poor value insurance wrappers and the dodgy IFA links in the middle.

When you do get your money back, don't leave it all parked in a single bank either. They all have limits on deposit protection so spread it around. With your luck you risk placing it in one just before it goes bust. very low probability but just your luck

The administrators have been working to liquidate whatever assets the fund may have.  This will be returned to FPI as cash.  You need to stop your financial adviser investing it in another scam scheme.  Perhaps tell him that you want to take time to consider your options, and that you do not want the cash reinvested until you've had sufficient time to think.  (Incidentally, apart from gathering more fee income, one reason for his keenness to roll the investments over may be that it's then easier for him to hide the value of your investment losses.)

Since the administration is now finished you should be able to get a valuation of how much they have raised.  Not sure whether this should be done through your financial adviser or FPI.  I'd try both.  If you happen to know who the administrator is, you could try approaching them directly (though they may not be willing to deal with you since they have no evidence that you personally are an investor in the scheme).

I don't think you'll get anywhere complaining to FPI.  They haven't done anything wrong (other than running a very expensive, but perfectly legal, offshore scheme).  You have given your financial adviser the full authority to act on your behalf.  This is all FPI needed to know.

The real criminal here is your financial adviser.  Unfortunately, he is (almost certainly) not regulated, and the Thai authorities will take no interest whatsoever in the matter.  

BTW, are you going to share what investment(s) are inside the Investors Trust plan? I'm desperately hoping for your sake that it's not something similar.

Thanks to ridiculous rules, nowadays no normal broker in the UK will allow non-residents living outside Europe open an account.  (I know, I've asked them all.)  There is one I know of (can't immediately remember the name, but begins with "P" I think), but it's aimed at high net worth individuals.  (It's similarly virtually impossible to find an IFA in the UK prepared to work with people in this category.  I know of one, but it works through local agents and doesn't give the same protection as a UK-based adviser.)

No, unfortunately not, had little to do with the UK since the late seventies, never earned money there or paid taxes or NI since then.