<
p>Clients who were advised to invest into three different schemes can finally expect to be considered for compensation.
The Financial Services Compensation Scheme (FSCS) is beginning to compensate claimants who suffered losses in regards to three investment schemes; Harlequin Hotels and Resorts, Sustainable AgroEnergy Plc. and Green Oil Plantations Limited.
The FSCS is satisfied that the IFAs who advised customers to invest in the Self-Invested Personal Pensions (SIPPS) may be legally liable for the investment losses. These IFAs are understood to have ceased trading in September 2014.
It was found that in some cases the fund was invested in non-standard asset classes in many of the cases, many of which became illiquid.
Each case will be judged on an individual basis but the IFAs may be liable for the losses caused by negligent advice.
One of the schemes they were advised to invest in was property resort firm, Harlequin Hotels, which offers investment opportunities into the properties on its Caribbean-based resorts.
The FSCS will make top-up payments to claimants who received interim permission compensation where further compensation is due and therefore these claimants won’t need to contact the FSCS or submit a further claim.
Clients who were advised to invest into three different schemes can finally expect to be considered for compensation… .
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