Positive Solutions raised concerns with three clients about the advice to invest in Harlequin Property in 2010 after deeming the Caribbean property scheme to be too risky for a pension.
The national IFA reviewed the advice for one client to transfer £55,000 of a self-invested personal pensions (SIPP) into the £400m Harlequin scheme via Guardian Pension Consultants as part of a sample review of its business. In a letter to the client, Positive Solutions said, "we would not normally expect overseas property schemes to be marketed to retail clients in the UK for use in retirement planning. "This is because of the risks inherent in overseas holiday property investments in general and the risks attached to this plan in particular where the future success of the scheme dep...
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