The Mail on Sunday 15th June 03
EXPOSES ANDREW LINN
States: Sensible Options only aim is to cheat people along this coast from their hard earned money and should not be encouraged in this by allowing advertising space in newspapers. This article was sent to the SUR in English in June 2003 who then withdrew this advert from future editions.
The advert has now re appeared in The Euro Weekly in February 04 and in the SUR in English.
Henry Woods had an avertisement on the Onda Cero International Radio claiming licences from the Direcion De Seguros DGS and Mercado De Valores CNMV
This is not true and is confirmed on the CNMV Web Site
Click Here to view the link
The above was not a news item but an article sent to the Euro Weekly by Henry Woods. Euro Weekly printed the article without checking facts.
Henry Woods Investment Management have no licence to operate according to the Spanish Authorities, furthermore Henry Woods have not won any court cases and Donald Nott certainly has not been exhonerated.
Where can one get 10.25%?
OUR LETTER TO INVESTLIFE...They did not respond
6 October 01
Dear Mr Henrion
I am writing to ask you if your product is properly authorised for distribution in Spain?
I do not know if you are aware that all products offered in Spain for distribution is only permitted with specific approval.
If your product is registered you will be required by Spanish Law to:
1. Use an IFA who is registered with the CNMV. ( Henry Woods are not registered)
2. Only sell the product to 'Non Residents' ( I have in my syndicate 25 ex clients who are residents)
I find your product very misleading, I know that a number of similar products which were sold 5 years ago and are due to mature in a few months time and unless there is a very significant increase in the world market indices then thousands of folk are going to be shafted by this type of investment.
The investment returns are dependent on the worst performing sector of 8 sectors chosen from the Dow Jones Europe STOXX - They are - Energy, banks, insurance, Autos, Food, Media, Chemicals and Healthcare. If one of these sectors closes lower at the end of the 5 year term than the starting level then the level of return begins to reduce from the maximum 9.856% pa compounded or 60%(on the growth option). Should the worst performing sector close 20% or more below the opening level then your original investment only is returned less any "income" taken over the period........most people just buy it because it says "10.25% p.a.":
In the UK such investments as yours have been made illegal unless, if a broker wishes to sell them he may do so only if he posts a warning regarding the risks to loss of capital in a "significant manner" . Nott's/ Henry Woods advertisements would be illegal in any other country in Europe. I have copied the advertisement to the appropriate authorities to enable them to see no warnings.
I think products like yours are the next financial services "scandal" because believe me Mr Henrion this product is not suitable for retired people, and this is whom Donald Nott aims at, who are looking for security and income. In fact in my opinion and that of other leading IFAs in the UK this is an unwise investment.
I am copying this email to your regulators, the CNMV, the Direccion General de Seguros, all regulators and press in Europe to enable the authorities to be aware of your product and that it is being marketed by Henry Woods without authority and without any risk warning.
I would also mention that The Costa Del Sol Compensation Group will be making peaceful public demonstrations should any product producers attend Spain for Seminars held by Henry Woods.
Copies Luxumburg Regulators CNMV, DGS, IMORO, PIA.SFA FT, BBC4, FT, IMM, PIntM.
Offshore Money Managers are a company we have in the High Courts in Madrid with several elderly members who have lost most due to mess selling.
This is a typical example of Sur in English advertisements, Obviously no
checks have been made and this will result in retired people loosing money.