Sussex IFA ordered to compensate client for Harlequin advice

In early 2010, a client - designated 'Mr F' by the ombudsman - was introduced to Sussex IFA by a third-party adviser. At the time, he needed a regulated business to facilitate the transfer of his existing personal pensions to a self-invested personal pension (SIPP). A few months before the advice was given, Mr F had paid a £1,000 reservation fee to unregulated investment scheme Harlequin to reserve an off-plan commercial property development in the Caribbean. Harlequin required an initial deposit of 30% (£39,000) followed by the remaining 70% (£91,000) on completion. Mr F wanted to tr...