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Recover Your Losses from Raedex Consortium

Compensation Adviser helps victims of Raedex Consortium pursue refund claims through FSCS compensation, APP fraud rules, and the Financial Ombudsman Service — on a no-win, no-fee basis.

Raedex Consortium Limited was placed into administration in March 2021 following FCA intervention, and was declared in default by the FSCS in April 2025 — making it eligible for compensation claims of up to £85,000. If you transferred funds from a UK bank account, a refund claim may be possible — even if your bank has already refused.

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Why Choose Compensation Adviser for Your Raedex Claim?

Compensation Adviser specialises in helping investors who have lost money to failed or fraudulent investment schemes. Our experienced team understands the complexities of FSCS claims, APP fraud disputes, and Financial Ombudsman complaints — and we handle everything on your behalf, from gathering evidence to submitting your claim. We work on a no-win, no-fee basis, so there is no financial risk to you.

No Obligation

A free, no-obligation review of your Raedex investment to assess your eligibility for compensation.

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We operate on a strict no-win, no-fee basis. You’ll only pay our 15%+VAT success fee if your claim is successful. Cancellation fees may apply (see full fee details below).

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Start with a free review of your case. Our specialists will advise you on the best route to recover your losses from Raedex.

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What Was Raedex Consortium?

Raedex Consortium Limited was a UK-based company incorporated in January 2012 and authorised by the Financial Conduct Authority (FCA) from January 2016. It operated under the trading name Wheels4Sure, offering sub-prime car leasing to consumers with poor credit histories. The company was part of a wider group that included Buy 2 Let Cars Ltd (B2L), Rent 2 Own Cars Ltd (R2O), and PAYGO Cars Ltd.

Raedex was directed by Reginald Larry-Cole, the sole FCA-listed regulated individual at the firm. The company raised funds from retail investors through B2L — which was itself not FCA authorised — and used those funds to purchase vehicles leased out under the Wheels4Sure brand. Investors were promised returns of up to 11% per annum, with a minimum investment of £7,000 over three years.

At its peak, Raedex claimed to own a fleet of approximately 1,200 cars. However, when the FCA investigated, it found significant discrepancies: of a sample of 102 cars, 55 were secondhand (contrary to the company’s claims), two could not be found on the DVLA database, and 18 leases were registered as starting before the vehicle was even on the road. The fleet was valued at £19 million when it should have been £14.4 million, and £7.5 million of “goodwill” assets had been booked incorrectly.

How the Raedex Investment Scheme Worked

The Raedex scheme operated through a chain of intercompany transactions designed to obscure the true nature of the investment from retail investors:

Step 1: Buy 2 Let Cars Ltd (B2L) — not FCA authorised — solicited loans from investors, with a minimum of £7,000 over three years and promised returns of up to 11% per annum.
Step 2: B2L passed investor funds to Raedex and Rent 2 Own Cars (R2O) via intercompany loans.
Step 3: R2O used investor funds to purchase vehicles.
Step 4: Raedex leased those vehicles to consumers with poor credit under the Wheels4Sure brand.
Step 5: Monthly lease payments from consumers were supposed to fund investor repayments.
Step 6: PAYGO Cars Ltd sold second-hand vehicles (previously leased by Raedex) to generate additional revenue.

The FCA concluded that this structure constituted an unregulated Collective Investment Scheme (CIS) — Raedex did not hold the required FCA authorisations to operate such a scheme. By the time of administration, Raedex had assets of only £14 million against liabilities of £34 million, having lost £10.5 million over three years. The company would have needed £34 million injected over three years just to pay its debts.

On 19 February 2021, the FCA imposed restrictions on Raedex, requiring it to cease regulated activities and stop entering new car leases. The directors appointed RSM UK as administrators on 15 March 2021, with the administration formally announced on 16 March 2021. On 9 April 2021, the Serious Fraud Office (SFO) announced an investigation into suspected fraud covering the period 2012 to 2021. In January 2024, Reginald Larry-Cole and Scott Martin were each charged with three counts of fraud. Both pleaded not guilty in December 2024, with trial scheduled for 14 September 2026 at Southwark Crown Court.

On 30 April 2025, the FSCS formally declared Raedex Consortium in default, opening the door for eligible investors to claim compensation of up to £85,000.

Signs You May Have Been Misled by Raedex Consortium

Many investors were attracted to Raedex through promises that appeared credible but contained serious red flags. If any of the following apply to your investment, you may have grounds for a compensation claim:

You were promised annual returns of up to 11% — well above market rates for a secured investment.

You invested through Buy 2 Let Cars Ltd, which was not FCA authorised to accept investment funds.

You were told the investment was backed by a physical fleet of cars, providing security for your funds.

You were not clearly informed that the investment structure constituted an unregulated Collective Investment Scheme.

You invested pension funds or retirement savings on the basis of the promised returns.

Your bank or financial adviser facilitated the transfer without adequately warning you of the risks.

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Lost Money to Raedex Consortium? Here Is What to Do

Gather Your Documentation

Collect all documents relating to your Raedex investment: investment agreements, correspondence with B2L or Raedex, bank transfer records, and any marketing materials you received.

Contact Your Bank

If you transferred funds from a UK bank account, contact your bank to report the transfer as a potential APP fraud. Under the CRM Code, banks may be required to reimburse victims of authorised push payment fraud.

File a Report with Action Fraud

Report your losses to Action Fraud (the UK's national fraud reporting centre) at actionfraud.police.uk or by calling 0300 123 2040. This creates an official record of your complaint.

Submit an FSCS Claim

The FSCS declared Raedex in default on 30 April 2025. Eligible retail investors may claim up to £85,000 in compensation. Visit fscs.org.uk to check your eligibility and submit a claim.

Raise a Complaint with the Financial Ombudsman Service

If your bank refuses to reimburse you under the CRM Code, you can escalate your complaint to the Financial Ombudsman Service (FOS), which has the power to order banks to pay redress.

Speak to Compensation Adviser

Our specialists can assess your individual circumstances and advise on the most appropriate recovery route — whether that is FSCS, FOS, CRM Code, or a combination of all three.

Can I Recover Money Lost to Raedex Consortium?

There are several potential routes to recovering money lost to Raedex Consortium, depending on your individual circumstances:

FSCS Compensation: The FSCS declared Raedex in default on 30 April 2025. Eligible retail investors who invested through Raedex or B2L may claim up to £85,000 in compensation. The FSCS has classified the scheme as an unregulated Collective Investment Scheme. Note that corporate investors and car lease customers (Wheels4Sure) are generally not eligible.
APP Fraud / CRM Code: If you transferred funds from a UK bank account, you may be able to claim under the Contingent Reimbursement Model (CRM) Code for authorised push payment (APP) fraud. The Financial Ombudsman Service has already upheld complaints against banks under the CRM Code in relation to Raedex investments, and some banks have paid redress.
Financial Ombudsman Service (FOS): If your bank refuses to reimburse you under the CRM Code, you can escalate to the FOS. The FOS can order banks to pay compensation of up to £430,000.
Section 75 of the Consumer Credit Act: If you used a credit card to fund any part of your investment, you may have a claim against your credit card provider under Section 75.

The right route depends on how you invested, when you invested, and which bank you used. Compensation Adviser can assess your specific situation and advise on the best course of action.

Why Choose Compensation Adviser for Your Raedex Consortium Claim?

Specialist expertise: We have extensive experience handling FSCS claims, APP fraud disputes, and FOS complaints arising from failed investment schemes.
No-win, no-fee: You only pay if your claim is successful. Our fee is 15% + VAT of any compensation recovered — there is no upfront cost and no risk to you.
End-to-end support: We handle every aspect of your claim, from gathering evidence and preparing submissions to liaising with the FSCS, your bank, and the FOS on your behalf.
Proven track record: Our team has helped hundreds of investors recover compensation from failed and fraudulent investment schemes across the UK.

Frequently Asked Questions

Am I eligible to make a claim against Raedex Consortium?

You may be eligible if you were a retail investor who invested money through Raedex Consortium Limited or Buy 2 Let Cars Ltd. The FSCS has declared Raedex in default and is accepting claims from eligible investors. Corporate investors and car lease customers (Wheels4Sure) are generally not eligible for FSCS compensation. If you transferred funds from a UK bank account, you may also have a separate claim under APP fraud rules, regardless of your FSCS eligibility.

How much compensation could I receive?

Through the FSCS, eligible investors may receive up to £85,000 per claim. If your losses exceed this amount, you may be able to pursue additional recovery through the Financial Ombudsman Service (up to £430,000) or under the CRM Code via your bank. The exact amount you can recover will depend on your individual circumstances, the amount you invested, and the recovery route available to you.

What is the FSCS and how does it relate to Raedex?

The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation fund for customers of failed authorised financial services firms. The FSCS declared Raedex Consortium Limited in default on 30 April 2025, meaning that eligible investors can now apply for compensation of up to £85,000. The FSCS has classified the Raedex scheme as an unregulated Collective Investment Scheme, as Raedex did not hold the required FCA authorisations to operate such a scheme.

What is the CRM Code and does it apply to my Raedex investment?

The Contingent Reimbursement Model (CRM) Code is a voluntary code adopted by major UK banks to protect consumers from authorised push payment (APP) fraud — where victims are tricked into transferring money to fraudsters. If you transferred funds from a UK bank account to invest in Raedex, your bank may be required to reimburse you under the CRM Code, even if you authorised the transfer. The Financial Ombudsman Service has already upheld complaints against banks under the CRM Code in relation to Raedex investments.

Is there a time limit for making a claim?

Yes, there are time limits that apply to different types of claims. FSCS claims should be submitted as soon as possible following the declaration of default. FOS complaints generally must be raised within six years of the event, or three years from when you became aware of the problem. CRM Code claims to your bank should also be raised promptly. We strongly recommend seeking advice without delay to ensure you do not miss any applicable deadlines.

What are your fees?

We operate on a no-win, no-fee basis. If your claim is successful, we charge a fee of 15% + VAT of the total compensation awarded. If we do not recover any money for you, there is no fee to pay.

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