In August 2012, we told Re-Give Limited, an industrial and provident society, to “unwind” its 5% bond by cancelling all applications for the bond and refunding all those who had invested. Re-Give did agree to contact all investors, explaining the position and provide refunds, however we are aware that a number of investors have still not had their investment returned.
As part of the action we have taken the FSA directed Re-Give not to dispose of, or otherwise deal with, any of its assets.
We want to ensure that all investors are treated fairly and repaid as soon as possible. However we also want to make sure that one set of investors is not repaid at the expense of another.
We still have serious concerns about Re-Give’s activities as a registered society. Therefore we instructed Re-Give to take down its website and reminded the society that it must repay all the investors as soon as possible.
What you should do next
Contact us if you are a Re-Give customer and have not already been in touch with us regarding the society.
As Re-Give is registered – rather than authorised – by us, investors in the savings bonds will not be protected by the Financial Ombudsman Service and Financial Services Compensation Scheme (FSCS).
What we will do next
We are continuing to work to find the best possible outcome for investors.
You can check back here for further updates or contact our Consumer Helpline.
Further information
Although it is registered with us, Re-Give is not, and never has been, authorised by us to sell regulated investment products such as the savings bonds.
Before investing any money we strongly recommend seeking financial advice and checking whether the firm in question is covered by the Financial Ombudsman Service and Financial Services Compensation Scheme if things go wrong.