Scotland-based adviser Allan McRoberts, who advised clients to invest in the notorious Harlequin property scheme, has seen his advice firm declared in default by the Financial Services Compensation Scheme (FSCS).
Back in 2016 the ombudsman found Allan McRoberts of AM Wealth Management Services (AM) had set up self-invested personal pensions (SIPPs) for clients referred to him by a former adviser, who was no longer authorised, so they could invest in the unregulated scheme. Their existing pensions did not allow this type of investment. Harlequin worked by taking deposits from mainly UK pension investors to build properties in the Caribbean, with the idea that they could then be sold at a profit on completion or used to generate a rental income from holidaymakers. By July 2016, McRoberts had thr...
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