FOS orders Quilter to compensate clients after Harlequin investment

Property was never built

Sophie King
clock • 2 min read

Quilter Financial Planning has been told to pay compensation to a couple who invested their SIPP into the failed Harlequin property investment scheme.

The couple remortgaged their home with an interest-only loan to invest in off-plan developments in the Caribbean through Harlequin. Mr and Mrs H, as referred to by the Financial Ombudsman Service (FOS), sought advice from TBG Financial, an appointed representative of Quilter (previously Intrinsinc Financial Planning), about their self-invested-personal pension (SIPP). A TBG adviser recommended they invest in the Harlequin scheme. In 2009, the couple paid £29,000 deposit to Harlequin, £90,000 for their other investments and £100,000 to clear their existing mortgage. However, the Har...

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 Investment

Partner Insight: Debt, deficits, and market resilience: Is your portfolio prepared?

Partner Insight: Debt, deficits, and market resilience: Is your portfolio prepared?

The world is awash in debt. In the US, government borrowing has surged past 100% of GDP, and the fiscal deficit is at a level typically seen in wartime. Other major economies are in similar situations. So, what does this deluge of debt mean for markets?

Orbis Investments
clock 15 May 2025 • 5 min read
Three Invesco funds fail to deliver value to investors

Three Invesco funds fail to deliver value to investors

Manager's annual assessment found some poor performance

clock 14 May 2025 • 2 min read
Darius McDermott: Old demographics, new innovations — so why isn't healthcare booming?

Darius McDermott: Old demographics, new innovations — so why isn't healthcare booming?

'The sector should be flying — but it isn't'

Darius McDermott
clock 08 May 2025 • 5 min read