Raedex Consortium Limited (Raedex) was part of an investment scheme where customers invested in car leases through Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd. Customers invested money into the scheme through Buy 2 Let Cars Ltd which is not FCA authorised. However, the cars purchased with this money were then leased to customers by Raedex – which is authorised by the FCA.
On 19 February 2021, the FCA stopped Raedex from entering into any new car leases, while allowing existing lease agreements to continue.
Raedex then appointed RSM UK on 16 March as administrators of Raedex, Buy 2 Let Cars Ltd and Rent 2 Own Cars Ltd.
We will provide frequent updates on the progress of our investigation on this page, so please sign up for email updates below if you would like to receive these by email.
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07 Mar, 2023
FSCS’ investigation into the failure of Raedex remains ongoing. Our work with the IP (RSM UK Restructuring Advisory LLP) is progressing and they are considering a number of points we have asked for input on, and to help with our investigation.
This will help FSCS determine whether protected claims exist under our rules, as set for FSCS by FCA, and for eligible customers. As explained previously, this is a complex investigation due to the various entities involved with the Redex group and therefore, the investigation will take time to conclude.
We will provide further updates on this page in due course.
Thank you for your patience while we continue our investigations into the firm.
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11 Nov, 2022
The FSCS investigation into the failure of Raedex remains ongoing. We're currently working closely with the insolvency practitioner RSM UK Restructuring Advisory LLP to obtain more documentation. This will help with our investigation into whether customers have valid claims with FSCS.
Due to the nature of the firm’s operation, this is a complex investigation involving various entities within the Raedex group.
We will provide further updates on this page in due course.
Thank you for your patience while we continue our investigations into the firm.
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22 Jun, 2022
Our investigation into whether FSCS protection may exist for customers of Raedex is ongoing. We’re still working closely with Raedex’s insolvency practitioner (RSM UK Restructuring Advisory LLP) to investigate whether there are valid claims.
We will provide further updates in due course.
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11 Nov, 2021
On 9 April 2021, the SFO announced that it is investigating suspected fraud in relation to the activities of the Raedex Consortium, including the companies Buy2Let Cars, PayGo Cars, Raedex trading as Wheels4Sure and Rent2Own Cars, in the period 2012 to 2021.
The SFO is now asking for investors to fill in a confidential questionnaire by 7 January 2022. The information provided will help the SFO to continue to progress its investigation.
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03 Aug, 2021
We continue to investigate whether there are valid claims against Raedex. To make a determination, we have to look into some complex issues so our investigation may take some time. We will continue to post updates on this page as soon as we have them.
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15 Mar, 2021
FSCS is not currently accepting claims against Raedex.
Firstly, we need to establish whether there are valid claims against the firm. For this to happen we need to know that Raedex owes a civil liability to customers that would mean that it could be sued in court.
FSCS
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