Revealed: Harlequin boss misleads investors about FSCS support for troubled trust

Laura Miller

Harlequin chairman David Ames is misleading investors into thinking the Financial Services Compensation Scheme (FSCS) backs a controversial trust he is trying to use to rescue his troubled overseas property scheme - a claim the scheme vehemently denies - information obtained from separate sources suggests.

In a conference call with about 70 Harlequin investors on 31 July, Ames said he and his legal team had met with the FSCS, that it supports the Harlequin trust, and that investors must join it or risk missing out on compensation, according to two sources who were in on the call, including one who kept a transcript. But when these claims were put to the FSCS, the consumer redress body said it had not advised any claimants on whether or not to join the Harlequin trust group. It added it does not have a view on the merits of the group, and prior to it being able to confirm its position in...

To continue reading this article...

Join Investment Week

  • 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

Join now


Already an Investment Week


More on Wealth managers

Index providers have become “increasingly influential”.

SEC considering treating index providers as investment advisers

No longer 'data providers'

Elliot Gulliver-Needham
clock 17 June 2022 • 1 min read
Neil Woodford

Leigh Day and Harcus Parker merge Woodford claims for 'unified front' against Link

Heads to court in October

James Baxter-Derrington
clock 15 June 2022 • 2 min read
Credit Suisse headquarters

Credit Suisse put on FCA watchlist - reports

Follows a series of scandals

Melanie Boulton
clock 13 June 2022 • 2 min read