Afinsa Philatelic Forum ... ... Does natural forests?
Today it time to talk about the news of "financial" of the year, the case Afinsa-Forum Filatélico.
To that end, rescue a very interesting document of the OCU, which dates back to February 2004, which already warned us something ...
Editorial: (as I read through Newsvine, already warned in year 96 in the magazine Money)
This article is generating quite controversial, so we encourage that you read the comments (bottom of page) to gain a better view of the matter.
Summary of the magazine OCU
In Spain, banks, savings banks, securities firms and insurance companies should be subject to supervision by the financial supervisory authorities in the field (Bank of Spain, National Commission of Stock Market and Directorate General of Insurance). In this way, although the control is not always as effective as expected, the investments offered by these institutions are supported to some extent. In addition, for current accounts, term deposits and investments in assets, guarantee funds that exist to compensate consumers in case of bankruptcy of the entity. But alongside these modalities "controlled" There are many companies collecting and investment, which are not required to enroll in the official records of supervisory authorities, so it can not be controlled or sanctioned by them. The investments offered are not covered by any guarantee fund to protect investors, but it is enterprises themselves who must respond to any claims that may do the customers. In the event of bankruptcy, the only guarantee is the property in which you have invested.
The OCU came from an anonymous three of these companies Afinsa, Art and Nature and Natural Forests - in demand for information and made investments in ellas.En Afinsa we were offered investment products with a fixed annual return of between 6% and 8% depending on the term. After an investment of 600 euros, handed over as collateral a lot of stamps with a value of catalog, according to several philately consulted, not even reach 100 euros.
In the case of Art, the investment of 1,200 euros was materialized in two serigraphs by a Hungarian artist that the company was committed to buy back at six months by an amount greater than the initial, assuring a return of about 8%. The OCU came into contact with 21 galleries and auction houses and none showed interest in acquiring the works. Only two of them reported that in the hypothetical case the Auction to benefit, its starting price would be between 60 and 120 euros. One-tenth of the amount invested and no guarantee that anyone bids for them!
The third investment that the OCU was analyzed Natural Forests. They offered an investment in cherry and walnut trees to a term of 20 years or a repurchase agreement with a profit of between 3.6% and 8.4% annually depending on the term. The price at which each tree is valued at around 400 euros, while, according to several nursery Forestal consulted and the Consortium of Catalonia, should price around 220 euros for a plantation to 25 years.
Ultimately, the OCU advises investors to stop this kind of property to the collectors and experts and wary at the moment of investments that are advertised as "safe" and to offer beyond the 4.5% annual long term. In addition, the OCU returns to reiterate their demands with regard to investments not controlled: that the formal institutions do not wash their hands and that an organization supervisor of the Administration to monitor the activity of these firms to protect investors. As for those already controlled, the OCU seeks to increase up to 100,000 euros the amount covered by the guarantee fund (now covers only 20,000 euros per head) and which extends its protection to insurance, pension plans and investment funds that currently lack it.
Written by Carlos Lopez on May 10, 2006 with 16 points.
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# 1, Luis
The crisis occurred yesterday in Afinsa and Forum Filatélico, had been warned for years to all regulatory body in financial matters (Bank of Spain, CNMV, General Directorate for Insurance and Pension Plans of the Ministry of Economy) and the National Institute Consumer Affairs and the Ministry of Health and Consumer Affairs. You can see the original letters sent in 2002 to these agencies by the Users Association of Banks, Insurance and boxes, as well as the responses of the CNMV and the DGS declared not competent for that purpose.
Letters sent in February 2002 the Bank of Spain, CNMV and DGS, and the answers given by the agencies of the case inhibiéndose
It seems everything is motivated by the bankruptcy of BANFISA (Bank Philatelic Spanish) in early 2002, which left thousands of people affected.
Already back then was called for the regulation of the activity in tangible goods being carried out by Afinsa and Forum, so they were controlled and supervised like any other entity that plays with the savings and investments in people.
I think the announcement made by the government to regulate the activities of investment in tangible assets reached a "pelín" late.
Salu2