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3Let guaranteed rent for landlords | FCA warns Sipp property investors on firm’s ‘luxury resorts’

guaranteed rent for landlords | FCA warns Sipp property investors on firm’s ‘luxury resorts’

guaranteed rent for landlords

The new Financial Conduct Authority (FCA) has taken the unusual step of warning investors to do serious research before paying any more money to the Harlequin group and its associated companies.

The company has encouraged investors to use their Sipps (Self Invested Personal Pensions) to buy into luxury resorts in the Carribean and Brazil.

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However, the FCA said that the Serious Fraud Office was looking into complaints in relation to the group and has asked investors to contact it.

“If you are considering investing in the Harlequin group, we urge you to proceed with caution,” the FCA said.

“Ensure that you fully understand the risks involved with the investment. We recommend that you contact an appropriately qualified financial adviser and obtain legal advice from lawyers in the country where the property is located before proceeding with an investment in a company in the Harlequin group.”

An estimated 3,000 UK investors had invested in off-plan luxury properties with Harlequin. However, the company is not regulated by the FCA.

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This is the second warning the FCA has issued over Harlequin. The first alert was in January when the regulator published a note to financial advisers about investments in overseas properties bought through Harlequin Property.

The Serious Fraud Office (SFO) announced in March that it is looking into complaints in relation to the Harlequin group together with Essex Police. Harlequin Property, in the UK, went into administration earlier this year.

Source: http://www.telegraph.co.uk/finance/personalfinance/investing/10125897/FCA-warns-Sipp-property-investors-on-firms-luxury-resorts.html

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