Guardian SIPP is suing investors with pension money tied up in troubled property investment Harlequin for non-payment of the fees related to their self-invested personal pension (SIPP).
SIPP providers holding Harlequin investments are set to earn £17m from investors in fees over the next ten years, according to a law firm, while the underlying investment could be virtually worthless. Harlequin investors - who put £400m of their pension money into the unregulated overseas property scheme expecting a monthly income from rents on tourist villas - have been left without the promised income or even access to their capital, after work stopped on the Harlequin resorts and its sales arm entered liquidation. As a result, they lack the funds in their SIPP cash accounts to pay ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
