PosSol admits error over Harlequin advice; offers redress

National IFA Positive Solutions has accepted it made a mistake when one of its former advisers recommended a client invest in troubled Harlequin Property - and has offered to pay back the amount invested with interest, IFAonline understands.

The investor who complained to Positive Solutions initially transferred money accrued in his company pension into a self-invested personal pension (SIPP). He was then advised by the former Positive Solutions adviser to transfer money from that product into another SIPP, in order to invest in overseas property company Harlequin. The investor's attitude to risk was recorded within the fact find as "high", and Positive Solutions contacted the client after the investment was made to confirm that putting money into Harlequin was a high risk investment which carried substantial risk - to wh...