Spectre of £400m compensation bill looms as FSCS values Harlequin at nil

Laura Miller
clock

Financial advisers could be on the hook for hundreds of millions of pounds after the latest twist in the Harlequin saga in which the Financial Services Compensation Scheme (FSCS) has written down the value of the investment to nil.

In a document from the FSCS seen by Professional Adviser, dated 12 February and marked ‘compensation calculation', the body lists the value of a Harlequin Property investment as £0.00. A FSCS spokesperson...

To continue reading this article...

Join Professional Adviser

 

  • 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.

Join

 

Already a Professional Adviser member?

Login

More on Investment

Stuart Kirk , global head of responsible investing at HSBC Asset Management, whose speech on 19 May has been called into question

HSBC AM's 'head of irresponsible investment' condemned over climate speech

‘Totally bizarre’

James Baxter-Derrington
clock 20 May 2022 • 3 min read
"ESG investing can be a cause for good, it just needs to be done in the right way and for the right reasons." - Austen Robilliard

Austen Robilliard: ESG investing within model portfolios

'Advisers between and rock and a hard place'

Austen Robilliard
clock 20 May 2022 • 4 min read
Cryptocurrency advertisements by firms such as crypto.com, Coinbase, Luno or eToro have breached the UK’s Advertising Standards Association (ASA) guidelines over 86 times, a new study carried out by Crypto Head has revealed

Crypto ads breach UK guidelines over 44 times for 'misleading advertising'

Study from Crypto Head

clock 20 May 2022 • 2 min read