Project CARS under investigation by UK Financial Services Authority

Project CARS

By on April 22, 2013 at 8:52 am

The crowdfunded and extremely pretty-looking racer Project CARS has been forced to suspend the taking of payments following an ongoing investigation by the UK Financial Services Authority.

The FSA, which investigates financial firms and banks on behalf of the UK Government, is concerned that Slightly Mad Studios may be operating an “unregulated collective investment scheme” — in other words, that they’re taking people’s money and promising them a return on it if the game sells well, without the oversight of the usual government regulations which govern such activities. The FSA has not commented on the matter, but at this stage Slightly Mad Studios are free to continue operating as usual (only without the ability to take payment).

Slightly Mad’s creative director Andy Tudor has spoken to Eurogamer, saying “The FSA came to us wondering what the hell we were doing, thinking, ‘Hang on a minute, you’re taking money from people – is this some sort of Ponzi scheme where people take money and then run away with it?’”

“They asked what we’re doing. We explained it to them. They said, ‘OK, you might need to change a few things here and there.’ We’ve given them our suggestions as to how we might go about that.”

Results of the investigation are ongoing.

Source: Eurogamer

Tags:
3 comments (Leave your own)

O lordy, i’m not fussed about getting cash back from the success that’s just a added bonus, i just want a nice sim racer that includes a bucket load of real cars and real tracks.

 

Kinda old news. Happened a while back. Basically the British Authorities haven’t got a clue how to categorise them and are trying to get as big a slice of the pie as always.

 

Such things must be avoided as I had taken the advantage of the financial service name Faradaywestfinance which increase my business as well as living standard in my community as cars are basically used for traveling with family.

 
Leave a comment

You can use the following bbCode
[i], [b], [img], [quote], [url href="http://www.google.com/"]Google[/url]

Leave a Reply

PC Gaming Calendar 2014

Follow Games.on.net

YouTube

Steam Group

Upcoming Games

Community Soapbox

Recent Features
The Evil Within

The Evil Within: It’s a fine line between pleasure and pain (especially on PC)

We check out Shinji Mikami's latest punishment simulator, but buyer beware when it comes to the PC version.

Shadow of Mordor

Choose your own adventure: Why heavily scripted cinematic games need to loosen up

It's time for game developers to sit back and let the players take control.

world of warcraft warlords of draenor

World of Warcraft’s Tom Chilton talks Warlords, paid level 90 boosts, and jumping the shark

WoW's Game Director explains how they've been on, off, and all around the shark since 2004.

Shadow of Mordor

Shadow of Mordor isn’t just a pretty good LotR game: it’s open-world stealth-action done right

What looked to be a phoned-in LotR cashgrab turns out to be one of the most engaging pieces of interesting, systemic design in recent years.

Streaming Radio
Radio Streams are restricted to iiNet group customers.

GreenManGaming MREC

Facebook Like Box