As you are all no doubt aware, the FSA (now the FCA) looked into the crowd funding / crowd sourcing model that we adopted for WMD and Project CARS.
Whilst those enquiries were ongoing, we suspended taking on new members and allowing existing members to upgrade. SMS has also been offering refunds to anyone who no longer wants to be a member.
Now the FCA has concluded its enquires and we have agreed to continue to offer those refunds, as a condition of the FCA doing so. This offer is made on a “without prejudice” basis which means it is made “without prejudice” to our position that we have not breached the relevant laws. It does however comply with section 26 of the Financial Services and Markets Act 2000, which states:
1. An agreement made by a person in the course of carrying on a regulated activity in contravention of the general prohibition is unenforceable against the other party.
2. The other party is entitled to recover
a) any money or other property paid or transferred by him under the agreement; and
b) compensation for any loss sustained by him as a result of having parted with it
3. “Agreement” means an agreement
a) made after this section comes into force; and
b) the making or performance of which constitutes, or is part of, the regulated activity in question
4. This section does not apply if the regulated activity is accepting deposits.
We have agreed with the FCA that we will make tweaks to the structure for future projects so as to avoid it being considered a collective investment scheme. We will also continue to offer members a refund and will not be reopening the membership to new members or allowing upgrades.
Otherwise everyone who is currently a member may continue to participate and enjoy the associated benefits - but anyone who doesn't can get their money back.
If you do want your money back please contact us via this online form (click here) and we will recredit your PayPal account as soon as we are able. PLEASE NOTE HOWEVER THAT ONCE YOU HAVE YOUR REFUND YOU WILL NO LONGER BE ABLE TO PARTICIPATE IN THE PROJECT OR PLAY BUILDS ETC.
There is no time frame or deadline to this offer of a refund and because all members also enjoyed other benefits related to their participation in Project CARS (such as access to the builds) there is no additional compensation due to members who want to leave, i.e. we will not be able to pay out any amount in respect of Fees (as described in the member terms) and you will not be entitled to any Fees in future.
Above all we are very pleased to say that those members who want to continue to be part of the Project CARS can do so. We are also in the progress of restructuring WMD in a way that means that you can participate in our future projects and will share more details of those plans in due course.
In the meantime thanks for being part of pCARS.