FSCS to accept Harlequin direct investment claims

More claims expected

Carmen Reichman
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) is starting to accept claims for bad investment advice in relation to failed property scheme Harlequin, it has said.

The body, which already pays out on claims against negligent mortgage advice and pension switching, changed its position on direct investments following a review. New evidence obtained through its recoveries action had shown the products were likely to be unregulated collective investment schemes (UCIS), meaning they are designated investments for regulatory purposes and qualify for FSCS protection, it said in a statement on its website. "This paves the way for more people who may have been mis-sold a Harlequin product by their financial adviser to make a claim for compensation," it a...

To continue reading this article...

Join Professional Adviser for free

  • 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 Regulation

Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 31 March 2026 • 1 min read
Data-driven or anecdotal? Examining FCA Consumer Duty board reports

Data-driven or anecdotal? Examining FCA Consumer Duty board reports

'Data is not a by-product of systems; it is a core governance asset'

Chris Davies
clock 27 March 2026 • 6 min read
FCA 'consistently behind the curve' on British Steel – Complaints Commissioner

FCA 'consistently behind the curve' on British Steel – Complaints Commissioner

Regulator hits back at Complaints Commissioner’s final report

Jenna Brown
clock 26 March 2026 • 3 min read