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

PA360: 'Diversified approach has room for both active and passive' - David Coombs

PA360: 'Diversified approach has room for both active and passive' - David Coombs

‘Volatility is your friend if you are a long-term investor’

Jenna Brown
clock 01 May 2025 • 2 min read
PA360: FOMO can 'significantly' alter investors' risk appetite

PA360: FOMO can 'significantly' alter investors' risk appetite

Albemarle Street Partners’ Charlie Parker on the social element of investing

Isabel Baxter
clock 01 May 2025 • 1 min read
PA360: Investors must understand importance of 'proper diversification'

PA360: Investors must understand importance of 'proper diversification'

‘Investors don’t have to choose a single door’

Sahar Nazir
clock 01 May 2025 • 1 min read