Some agents selling Harlequin properties before March 2009 misled investors into thinking that their investment money would be held securely in ring-fenced accounts.
The revelation is in a ‘policy statement' from David Ames, chief executive of Harlequin Property, a UK-based overseas property sales agent that is not regulated by the Financial Services Authority (FSA), to all agents who sold investments in Harlequin. The statement - seen by IFAonline - is dated 24 March 2009 and is entitled 'Ringfencing'. In it Ames stated that he is "aware that some agents have been suggesting to investors that we do ring fence the payments and this has to stop immediately to avoid investors being misled". It continues: "It is also not true to say that investors...
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