The Financial Ombudsman Service (FOS) has denied an IFA's claim a client who invested her pension into Harlequin property "would have found an alternative adviser if they had not acted".
The FOS had ruled Kingswood Financial Advisers was liable for facilitating a pension transfer into a self invested personal pension (SIPP), which then got invested in Harlequin property. The unregulated investment scheme worked by taking deposits from mainly UK pension investors to build off-plan properties in the Caribbean, which could then be sold at a profit on completion or used to generate a rental income from holidaymakers. But out of a scheduled 6,000 properties, it is understood about 300 have been built, with investors currently unable to get their money back. Kingswood di...
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
