The Harlequin Property scheme is a name that has been frequently connected with other large SIPP scandals, including The Dolphin Trust. Promising pension investors large returns on property in the Caribbean, this SIPP entered liquidation in October 2019. This meant that a large number of pension investors have been victimised and have lost a lot of their savings, some of whom have lost their full investment.
Are you one of the investors that have lost money on this mis-sold SIPP scheme? Gowing Law’s SIPP claim solicitors can help you get the compensation that you deserve. Find out more information below.
Created in 2008, Harlequin Property investment was endorsed by a number of famous names, including Phil Spencer and Andy Townsend. It promised that 6,000 luxury properties would be built in the Caribbean. They would be used as holiday resorts. However of these 6,000 resorts, only 300 were built.
Promising that investors would have a guaranteed 10% return on the investment, it was not surprising that over £390 million was invested in the scheme by pension investors. What people did not know was that Harlequin Properties was an unregulated SIPP scheme. This meant it was classified as very high risk for investors. This is why, when it eventually did go bust, the returns never happened and a lot of investors simply lost their money.
Your financial advisor has the obligation to provide you honest and open advice on your investment. That means that they need to explain all of the risks. That way you can decide for yourself whether or not you want to give your money to the firm in question. If you feel like this was not done for you then you have the right to claim compensation.
Now, the Harlequin SIPP is a prime example of what can happen if you unknowingly invest in an unregulated overseas property. Independent financial advisers mis-sold it to their patrons, but Harlequin Properties itself also began to cold call firms who would potentially invest in them. They pressurised customers and inflated a sense of “security” around the investment. This was not under the jurisdiction of the FCA, therefore it is likely that you will receive compensation for this misdirection.
If you have also experienced the following, you may be entitled to compensation:
So far, the FSCS has paid over £98 million in compensation for claims against the Harlequin Properties SIPP. The amount of compensation you receive depends on how much you originally invested in your SIPP. The higher your loss and the amount of damage inflicted upon you, the higher the compensation.
Gowing Law Solicitors operates on a “no win- no fee” basis. That means that you will always come out on top. We will discuss any potential fees up front and can offer you free advice on your claim in a consultation. This is why you will love working with our experienced SIPP mis-claim specialists.
In 2019, The Harlequin Property scheme was under investigation from the Serious Fraud Office (SFO). This was due to the amount of mis-sold properties that left pensioners and investors alike out of pocket. That is why the FSCS is now urging those who invested in Harlequin to make a claim. Whilst you may not be able to get the full amount of your investment back, you can claim a comfortable amount of compensation to help you get back on your feet.
This is entirely up to you! We can go to the courts on your behalf, you can go yourself or you can go with a trained solicitor. Let us know how you would like to proceed.
Every case is different. Depending on its complexity, a case may take a few weeks, a few months or even over a year. Please be patient with your experienced SIPP claim specialist. Your lawyer will work with you to ensure they know all of the details of your case. That way you will receive all of the compensation you deserve.
You may be wondering if you should wait to see if any developments happen with Harlequin Properties. However, we would recommend that you make you claim as quickly as possible. That way you can claim the compensation that is owed to you in a reasonable manner.
If you think that you have a claim, the first thing that you should think about is getting your documents in order. The more information you have on your case the better. Remember to collect correspondence, contracts and dated letters. You may also want to write a letter of complaint to your financial advisor to inform them of your intentions. Make sure to give your solicitor from Gowing Law copies of all correspondence. That way they can keep them safe and use them when need be.
You can contact Gowing Law Solicitors by calling 0800 041 8350, emailing firstname.lastname@example.org or by using our mis-sold SIPP claims form below. All you need to do is let us know your information and a specialist SIPP lawyer will be in contact as soon as possible.
We look forward to hearing from you soon. Let us know how we can help you!
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If you want to reclaim your mis-sold pension, Gowing Law Solicitors have a trained set of solicitors in Manchester who are ready to take on your case. You will love working with our team. They listen, take down all of your information and advise you on the best way forward.
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