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In the realm of UK finance, a new player has emerged, but questions surround the legitimacy of Al-Tabbaa & Hackett Capital. The company, which boasts various deposit accounts, including one promising a guaranteed 2% return per month, has raised eyebrows due to its dubious claims and questionable practices.
Recent investigations have uncovered that the company's assertion of being one of the largest savings organisations in the UK and Europe is unsubstantiated. In response to queries, Ibrahim Jemal, who is associated with the company, has denied this claim. The matter remains unproven, as no evidence has been presented to back up this assertion.
The company's website, al-tabbaahackettcapital.com, was set up on May 1 this year, and a UK phone number is provided for customer inquiries. However, the company's location and connection to the UK Financial Conduct Authority (FCA) have been called into question. Jemal and the website have suggested that they are located outside the jurisdiction of the FCA.
The company's claims of long-term customers are also under scrutiny. The earliest review on Trustpilot, a popular review platform, dates back to May 19 this year, contradicting any claims of a long-standing customer base. Additionally, Jemal has suggested that the positive reviews on Trustpilot might be from customers outside the UK, despite Trustpilot stating that all reviews are from Britain.
The mystery surrounding Al-Tabbaa & Hackett Capital deepened when it was discovered that the company appears to have no founder, shareholder, or director. This lack of transparency has raised concerns about the company's operations and its commitment to adhering to UK financial regulations.
The story took an unexpected turn when it was revealed that C.Y., who was named on an RBS account, was not removed as a signatory after switching roles within an organisation. RBS, upon investigation, found that C.Y. was briefly a volunteer signatory on an Army charity's current account in 2012. The bank has since removed C.Y. from the account and will not contact him again.
In a surprising turn of events, RBS sent C.Y. a hamper of goodies as a gesture of goodwill, despite not being able to help him initially. However, the bank has also been the subject of confusion, as a letter was sent to C.Y., stating that his business account interest rate is dropping, despite C.Y. having no account with RBS.
The issue of non-consensual company formation and the use of companies for criminal activities is not new in the UK. Thousands of companies have been dissolved in a crackdown against financial crime, with Companies House taking action against around 150,000 companies suspected of involvement in illicit activities. The introduction of the Economic Crime and Corporate Transparency Act 2023 aims to address these issues by empowering Companies House with new authority to verify identities and clean up the registry.
As the investigation into Al-Tabbaa & Hackett Capital continues, the public is advised to exercise caution when dealing with financial institutions and to verify the legitimacy of any claims made before investing their money. Transparency and adherence to UK financial regulations are essential for maintaining trust and ensuring the safety of consumers' investments.
- Despite Al-Tabbaa & Hackett Capital suggesting their location is outside the jurisdiction of the UK Financial Conduct Authority (FCA), doubts about their commitment to adhering to UK financial regulations persist, particularly given the lack of evidence supporting their claims as one of the largest savings organisations in the UK and Europe.
- In addition to the questionable practices and dubious claims of Al-Tabbaa & Hackett Capital, the absence of any founder, shareholder, or director contributes to a lack of transparency that raises concerns about the company's operations.
- As individuals continue to investigate Al-Tabbaa & Hackett Capital, it is crucial to prioritize transparency and verify the legitimacy of any claims made before considering investing savings or pensions, as doing so will help maintain trust and ensure the safety of consumers' investments amidst the complexities of UK finance.
