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Investment in ‘carbon credit’ is sold as investing in the prevention of unpredictable climate changes whilst making people rich through investing in the schemes. One company to do this was Worldwide Commodity Partners based in London. They enticed many people into investing with them, under the premise of great returns and amazing benefits for the climate. However, all the information they gave was greatly exaggerated, their claims were a sham and their management was highly negligent.
How it was supposed to work was a carbon credit gave the holder the right to emit one tonne of CO2 after regulations came into force to reduce the amount of CO2 emitted by companies.
Where a company could not meet its CO2 obligations, it could purchase a carbon credit enabling it to emit more CO2 than it should. It is a complex market where companies, traders, and investors could buy and sell and trade carbon credits.
Some companies then started to offer carbon credits to retail investors. Sipp investors were being offered them and in many cases they should not have been sold this type of investment.
You were mis-sold carbon credits if any of the following apply to you:
- The money you expected is not forthcoming
- You have little to no information about the investment
- You have little to no information regarding delays on why you are not receiving your money
- Nobody explained the risks involved
- Almost all the information you have about the investment and/or the company is incorrect