The Financial Services Compensation Scheme declared Raedex Consortium Limited in default on 30 April 2024. If you invested money through Buy2LetCars, Rent2OwnCars, Wheels4Sure or PayGoCars, you may now be eligible for FSCS compensation of up to £85,000 per person. For many investors who have been waiting years for answers, this declaration represents an important step forward.
Raedex Consortium Limited (FRN 668924) was an FCA-regulated business that offered a car leasing investment model. Customers were invited to invest in cars that would be leased to consumers, with returns paid from the lease income. The products were sold under several well-known brands, most prominently Buy2LetCars, and were presented as a straightforward and relatively low-risk investment. Many people who invested were ordinary savers looking for a modest and reliable return.
In February 2021, the FCA placed restrictions on Raedex after raising serious concerns about the firm’s finances and the sustainability of its business model. The FCA stopped the firm from entering into any new leases or taking on new customers. Raedex and Buy2LetCars subsequently went into administration, leaving investors uncertain about the fate of their money.
In parallel, the Serious Fraud Office investigated Raedex’s activities across the period from 2012 to 2021. In January 2024, SFO charged two directors, Mr Larry-Cole and Mr Martin, with three counts of fraud each. Criminal proceedings continue, but the FSCS investigation has been concluded and the default declaration issued, allowing the compensation process to proceed regardless of the ongoing court case.
Many investors did not reach Raedex directly. They were introduced to the scheme by IFAs, financial planners or other intermediaries who recommended Buy2LetCars as an investment. Where a regulated adviser recommended this product without taking proper account of the investor’s circumstances and risk profile, those advisers may also bear responsibility. If you were advised to invest, please speak to our team about your options.
Get Help With Your Claim
If you had dealings with Raedex Consortium Limited and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk – we are here for you.
