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Wednesday, 29 May 2013
BEWARE!!! Pension Transfers, Property abroad, exotic locations...
Having recently visited IFAonline.co.uk I came across a story about Harlequin - an investment scheme to invest in property/villas/development in the Caribbean. Unfortunately some investors have remortgaged their homes to invest and others have used SIPP assets. It does not look good!
Apparently Harlequin have paid very high commissions to agents, and some IFAs have acted as agents for Harlequin whilst arranging SIPP investments.
Harlequin have apparently lost their second auditors in 3 years and are allegedly behind in payments to investors (some who need to cover interest payments on their re-mortgages).
One comment (with spelling corrections by me) said:
"My boss Richard Bateman did so much more than 15% [commission] on Caribbean villas. As I did too but not quite as much as he.
How do regulators let it happen? Time and time again. If it's not property, it's wine or land banking, or carbon credits, or betting systems, or overseas property. If it's too good to be true.....it's a con.
Pension unlocking and exotic transfers to overseas destinations are very high risk - BEWARE!!!!
Don't let flash and glamour seduce you! (Harlequin Air - remember Stanford's helicopter?)
Posted by Pensions Manager