A group of investors in troubled overseas property sales agent Harlequin has claimed a first victory in its battle to receive compensation from advisers who 'facilitated' their investments.
The Harlequin Investor Group, which includes hundreds of self invested personal pension (SIPP) investors and is backed by law firm Regulatoy Legal, had a complaint against an IFA upheld by the Financial Ombudsman Service (FOS) earlier this month. Though the adviser is understood to be appealing the ruling, if upheld again it could stand as a "test case" for other, pending actions against advisers related to SIPP investments in unregulated schemes, Regulatory Legal lawyer Gareth Fatchett said. The Harlequin Investor Group is pursuing claims of up to £200m against "no more than ten" adv...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
