Satchi Wealth, which offers three year unregulated bonds paying up to 11% per year, has been issued with a strike off notice after failing to file an up to date confirmation statement.
Failure to file a confirmation statement on time is a criminal offence under the Companies Act. If Satchi fails to file an up to date confirmation statement within two months of the notice and no objections are receiver, the company will be struck off the register and will forfeit its assets to the Crown.
Satchi’s website remains up and continues to promote investments offering 11% per year and claim that they offer “Protected Revenue Stream / Ongoing Contract with Local Authority / Low Variable Business Model” despite the inherently high risk nature of its unregulated investments.