In a statement released by the FCA today, the regulator said: “We took the view that these were collective investment schemes, which can be a high-risk investment. Only authorised firms and individuals can operate or promote them. Park First is not authorised by us and is not permitted to provide regulated financial services.”
Park First, an established operator of airport car parks, had been promoting and operating an airport car parking investment scheme but had been in recent discussions with the FCA.
Following action by the FCA, the company has agreed to stop operating and promoting the schemes and is now offering investors in the Gatwick and Glasgow car parks the option to have their investments returned or funds moved into a new Lifetime Leaseback scheme (which is not a scheme regulated by the FCA).
The FCA has urged Park First investors to seek independent financial or legal advice to select the most suitable option for them.
“We do not endorse the Lifetime Leaseback or any other Park First investment. We express no view about the merits or level of risk of such investments. We have not verified the factual accuracy of the promotional material for the Lifetime Leaseback scheme,” the FCA added.
Park First Limited was set up in February 2010 has a registered office in Lancashire.