We are delighted to notify Fractional Owners that arrangements have now been made to re-instate the payment of income to a number of LBG Companies, and via them on to the Fractional Owners.
These new arrangements have been facilitated with the support of FPSL and TRG FMH:
- David Hannah and FPSL have now formally withdrawn their demand that payments should be made to FPS Corporate Services, and have accepted that payments can be made as directred by the Board of the LBG Companies.
- TRG Founder Membership Holdings have made arrangements for administration of a number of the LBG Companies which means that for 2024 and beyond all of these administration fees will be dealt with by the LBG Companies and Members should get no further demand for "fractional fees" for 2024 or subsequent years.
These arrangements make it possible to resume distribution of yield. They also benefit Fractional Owners:
- the costs of administering the fractional companies have been drastically reduced, meaning that fractional Owners will keep a greater proportion of the rental income earned by the property.
- all costs of the structure - including BRM fees and fees for administering the Companies are dealt with by the Directors of the LBG working with TRG, and so no Members should be paying any fees directly. (Pension costs where they are charged by - for example - SIPP or SSAS administrators are a separate matter and entirely between the individual Fractional Owners and their providers ).
Given these developments, TRG has already paid in June the yields for 38 LBG Companies bringing an additional 188 Members up to date, including all historical income from prior to the pandemic. This now means that roughly 2/3rds of fractional properties have their payments up to date, either because they have no income owing or because the payments have been made in June to bring them up to date. We plan to keep adding to that list each month.
The LBG Companies will be using a 3rd party company to make the payments and they will need to complete an Anti-Money Laundering (AML) check. If you receive notification of an AML check please complete it promptly. We have been asked to set the expectation that these funds should be received into the bank accounts of the relevant LBG Members by the end of July at the latest providing all AML formalities are dealt with
We thank you for your patience, and look forward to bringing more and more people into the same position.
Larissa you replied to Ian Scott on
Jun 17 saying the following
"You will certainly receive no demands for any payments from TRG. We have not sent a letter of demand out for over 2 years now. We have sent payments out this month and we believe 60 or 70 owners will receive some cash payments in the month. There will be more added each month.
What about a bit more clarity ?
What about some guidance on what is happening
What about a replying to all who made comments
What about a general explanation to all members explaining what the way forward looks like
Your message stats 60 or 70 owners will receive money 60 70 of 100s
Just…
like several others i was mis sold this by first pension review and just want it gone. its stressful and you never get any responses plus now don't know who to trust
I've had no payments since 2019.....where is my money....Will I get any payments going forward......I really don't trust TRG or any accociated company to help any of us
load of fucking shite , I've had nothing for yrs, appart from threats off fees😡, and everytime I mention selling , they make it seem so complicated, they're messing with peoples retierement plans, what cunts they are
Central Markets Investment Management Ltd is a company that is looking into liquidating my company so we have to vote on it.