Hi Scott,
I was recently contacted by an investment company called Caprion Group, which operates in the UK, Australia and New Zealand. Caprion’s account manager is encouraging me to invest $20,000, claiming they only risk 1% per trade and that most trades are profitable. I’m unsure whether this is legitimate or wise. I’m a retired woman living on a government pension, with HESTA as my super fund. With recent market volatility, my super has dropped significantly. On top of that, I’ve just discovered HESTA has frozen all transactions until early June, with no clear explanation. Should I leave my super where it is, and can you tell me if Caprion Group is trustworthy?
Jenny
Hi Jenny,
Your question reminds me of a discussion I had with my son just this morning.
“Hurry up! We’ve got to go to your game. Why don’t you have your footy guernsey on?”
“I can’t find it”, he whined.
“Have you looked in your cupboard?” I asked.
“Yeah …”, he said unconvincingly.
I gave him my ‘dad’ stare.
“Oh … kay, I’ll have another look”, he humpfed.
A minute later he came back with it on.
Now, to your question.
First, I googled “Caprion Group + Scam”.
The very first listing was the ASIC MoneySmart website under their ‘investment scam alert’ list.
Their advice? “If it’s on the list, don’t take the risk.”
Jenny, Caprion was on the list.
Next, I googled “HESTA frozen transactions”, and hundreds of articles appeared.
The first article read: “Members of HESTA will be unable to access most services until June, as the superannuation fund undertakes a planned outage to change its administration provider.”
Jenny, as a member of HESTA there’s no need to worry (you’ve only lost access for a while, not your money.) However, if I were the CEO of HESTA, I’d be very worried. The fact that one of the biggest super funds in the country could screw this up so badly is totally unacceptable.
Scott