Adviser claims victory in Cape Verde pension claw-back

Pension was invested in unregulated property scheme

Carmen Reichman
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An adviser has clawed back a £118,000 occupational pension, which had been invested in an unregulated property scheme and was "feared lost".

Ark Financial Planning principal Phil Stevenson claimed victory on 17 November when the pension was handed back to the client after several months of chasing. He said of the £118,000 pension pot invested, the firms involved returned about £115,000, with the rest deducted in charges. The funds had been invested in an unregulated property development scheme, The Resort Group, which sells freehold ownership of yet-to-be built hotel rooms, suites and apartments to individual investors via third parties. Stevenson's client, who was an MS sufferer and considered 'vulnerable', had been persu...

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