Harlequin in Administration
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thomas0735
Posts: 74 Forumite
A few years ago my parents took advice from a financial adviser and they invested my dad's pension in a company called Harlequin which was building luxury apartments abroad. The hope was in a few years time they would be able to sell their apartment to use the money to wipe out their mortgage.
My dad retired last August aged 65
They've just received a letter saying that Harlequin has gone into administration and they're worried now that they've lost their £30,000 they've invested. The property which holds their apartment has yet to be built!
Where do they go from here? Any help would be gratefully received.
My dad retired last August aged 65
They've just received a letter saying that Harlequin has gone into administration and they're worried now that they've lost their £30,000 they've invested. The property which holds their apartment has yet to be built!
Where do they go from here? Any help would be gratefully received.
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Comments
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Unfortunately you probably will get very little back. Contact the administrator and ask what capital is left.
A lot of stuff is in the detail of contracts and so on. Unfortunately most companies that go into administration end up being dissolved soon after.
Sorry I cannot be more positive but that is how it is.
(edit) http://www.ifaonline.co.uk/ifaonline/news/2263348/harlequin-files-for-administration
Seems like you are pretty slow on the uptake. A couple months already.0 -
thomas0735 wrote: »A few years ago my parents took advice from a financial adviser
Exactly what kind of financial adviser? An IFA or otherwise? Hasn't the IFA been in touch?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Look at the comments in that link gadget from IFA's. They seem pretty damning.0
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A few years ago my parents took advice from a financial adviser and they invested my dad's pension in a company called Harlequin which was building luxury apartments abroad.
Most of these dodgy overseas schemes do not use financial advisers. They use sales reps who pretend to be advisers. Where a real adviser has been used, then there will be some consumer protection (even if the product is not regulated, the advice from a real adviser is).Where do they go from here?
Find out who this "adviser" was. If it was a real adviser then make a complaint. If its not a real adviser then your parents are largely stuffed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Look at the comments in that link gadget from IFA's. They seem pretty damning.
I've been following the Harlequin melt down for quite some time, but as dunstonh says, it's down to who advised them and whether they have any legal redress against said advisor.
The chances of anyone getting anything out of Harlequin themselves have been slim for some considerable time and are now close to zero.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
For your father's sake I hope the "financial adviser" was an IFA against whom your father should have a claim, though that won't be very good news for investors generally who indirectly pay the FSCS levies since the IFA will inevitably fail.
I saw an article a week or two back suggesting the Harlequin-related IFA claims could top £100m. Can't find it at the moment.
It seems there are IFAs, and IFAs. How somebody who needs an IFA is supposed to know the difference is an interesting question.
I suppose being introduced to the IFA by the investment manager, rather than the other way round, might be a clue but how are naive investors supposed to know that, and presumably those bent IFAs also find their own clients too?
Hanging's too good for 'em. This stuff ruins lives."Things are never so bad they can't be made worse" - Humphrey Bogart0 -
thomas0735 wrote: »A few years ago my parents took advice from a financial adviser and they invested my dad's pension in a company called Harlequin which was building luxury apartments abroad. The hope was in a few years time they would be able to sell their apartment to use the money to wipe out their mortgage.
My dad retired last August aged 65
They've just received a letter saying that Harlequin has gone into administration and they're worried now that they've lost their £30,000 they've invested. The property which holds their apartment has yet to be built!
Where do they go from here? Any help would be gratefully received.
Hi. I almost got involved in this but pulled out in time when I found out about it going down like a sinking ship. My problem is that when I discussed the deal with the Agent at the time he spoke about a reservation fee of £1000. I told him that I didn't have £1000 to gamble with then he said the beauty of the deal was that I wouldn't have to pay it. I stupidly signed a slip of paper saying I would be liable if I decided to cancel. He told me at the time it was just to speed the process up and keep his bookkeeper happy. Now he is taking me to court as I refused to pay it to him. Has anyone else experienced this when discussing it with their agents. I would really appreciate some feedback. Thank you in advance.
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Most of these dodgy overseas schemes do not use financial advisers. They use sales reps who pretend to be advisers. Where a real adviser has been used, then there will be some consumer protection (even if the product is not regulated, the advice from a real adviser is).
Find out who this "adviser" was. If it was a real adviser then make a complaint. If its not a real adviser then your parents are largely stuffed.
Hi. I almost got involved in this but pulled out in time when I found out about it going down like a sinking ship. My problem is that when I discussed the deal with the Agent at the time he spoke about a reservation fee of £1000. I told him that I didn't have £1000 to gamble with then he said the beauty of the deal was that I wouldn't have to pay it. I stupidly signed a slip of paper saying I would be liable if I decided to cancel. He told me at the time it was just to speed the process up and keep his bookkeeper happy. Now he is taking me to court as I refused to pay it to him. Has anyone else experienced this when discussing it with their agents. I would really appreciate some feedback. Thank you in advance.
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please dont reply to every single post in this thread with exactly the same thingEx forum ambassador
Long term forum member0 -
micksterdoodle wrote: »Now he is taking me to court as I refused to pay it to him.
Tell him that you are going to "lawyer up" and perhaps even suggest that you qualify for legal aid. Do not make any payment and force them to do all the running. They are walking on quick sand and know it.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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