13 September 2017 | Comment | Article by Ria Coleman

FSCS can provide protection for customers with direct Harlequin investment claims


The Financial Services Compensation Scheme (FSCS) has, for some years now, been paying claims against firms for negligently advising their clients to transfer their pension in to a self-invested personal pension (SIPP) where the underlying investment was in a Harlequin resort.

As of 5 September 2017, the FSCS will consider your claim if you invested directly in to one of the failed property schemes, on negligent advice from a financial advisor.

So why has the FSCS changed its approach?

The FSCS has been pursuing recoveries action against Harlequin Property SVG which entered insolvency proceedings last year. New evidence obtained through said action has indicated that the Harlequin investments are likely to be unregulated collective investment schemes or UCIS’s for short. This means that they are now the type of investments that qualify for FSCS protection.

If you think you may have been mis-sold a Harlequin product, visit our financial mis-selling page for more information and to get in touch for a free, no obligation consultation.

Business news, knowledge and insight