The Financial Services Authority (FSA) has issued a warning to financial advisers about investing clients money in Caribbean property through Harlequin Property.
In the alert the FSA highlights that it has seen an increasing number of self-invested personal pension (SIPP) schemes whose underlying investment is in an overseas property purchased through Harlequin, a UK based overseas property sales agent that is not regulated. The FSA warns advisers to ensure they give "careful consideration" to the particular features of an investment through Harlequin. For example, if an adviser recommends a SIPP knowing that the customer will sell current investments to invest in an overseas property, then just how suitable the overseas property investment is...
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