Harlequin Property investments

confusedactor

Has anyone come into contact with this company/investment plan? Any good or bad stories? Basically they sell hotel rooms in various places in the Carribean - the one attached is in the dominican republic, and you invest for a chosen amount of time, then when it's up and running your investment is paid back but you retain 50% ownership of the room, which then pays you a rental fee each month. (this is obviously simplified version). I just wanted to check if the company name rang any bells with anyone? I've googled them and tried to check other forums but haven't come across any negatives yet.

FraudBuster

Singing Pig has a long running thread.

ukclare

Although this is a very old message I would respectfully suggest that "confusedactor" and any other potential investors "re-google" as a priority!

ukclare

I believe the singing pig article or perhaps singing pig itself is regrettably no more but a quick google will provide more than enough info.

jdomokos

ukclare wrote: »

I believe the singing pig article or perhaps singing pig itself is regrettably no more but a quick google will provide more than enough info.

So - being a little slow on the uptake - is Harlequin Property Investments a genuine option for SIPP pensions? We are in the process of gathering our various funds together to re-invest and Harlequin is being recommended by our FA

oldtoolie

I would start looking for a new FA. Anyone reccommending unlicensed, unregulated investments to ordinary investors is not to be trusted. Maybe it is not an obvious fraud but it is extremely high risk.

Keep Googling:
http://www.investorschronicle.co.uk/2011/11/11/comment/property-matters/the-risks-of-getting-burnt-abroad-2CuEEn8SS5Hb5cmbz9ylHI/article.html

http://www.express.co.uk/features/view/154474/Recession-2010-When-hotspots-turn-cold

Stephb1986_2

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Reaper

Stephb1986 wrote: »

Don't what ever you do give your money to Harlequin!! See our website http://s417439857.initial-website.co.uk/

From your web site:

Several years ago we were introduced to a FA whos name is Debbie Stokes who at that time worked for Tailor Made SIPP, On her advice we invested not only our life savings but several frozen pensions belonging to my husband in Harlequin Properties

I see TailorMade SIPP are actually IFAs and from what you said they advised you to sink everything into 2 foreign properties with a firm on which they must have done very little checking up of.

I think you should perhaps share some of the blame for being willing to gamble your entire life savings and pension in such a reckless manner, but it does also sound very much like your IFA was at fault for recommending it.

It does not matter that the original IFA has left. Complain to the company first then follow the escalation procedure if required.

Stephb1986_2

Reaper wrote: »

From your web site:

I see TailorMade SIPP are actually IFAs and from what you said they advised you to sink everything into 2 foreign properties with a firm on which they must have done very little checking up of.

I think you should perhaps share some of the blame for being willing to gamble your entire life savings and pension in such a reckless manner, but it does also sound very much like your IFA was at fault for recommending it.

It does not matter that the original IFA has left. Complain to the company first then follow the escalation procedure if required.

The company keep fobbing us off so we've had no choice. Why would we check up surely enough they should of have done their due diligence at the end of the day she recommended a product why wouldn't we take her word for it?

Aegis

Stephb1986 wrote: »

The company keep fobbing us off so we've had no choice. Why would we check up surely enough they should of have done their due diligence at the end of the day she recommended a product why wouldn't we take her word for it?

There should be no fobbing off, and if there is there's no need for you to accept it. The complaints procedure is:

• Complain to the company
• Wait until they issue a "Final Response" letter or 8 weeks have passed
• If you are unsatisfied, refer the case to the Financial Ombudsman Service for an adjudication

The firm has no choice in this, they can't fob you off if you choose to escalate it further.

Reaper

Stephb1986 wrote: »

The company keep fobbing us off so we've had no choice. Why would we check up surely enough they should of have done their due diligence at the end of the day she recommended a product why wouldn't we take her word for it?

I agree - it was not up to you to check out the firm and you asked the IFA where to invest. On both counts (based purely on what you have said) the firm is at fault.

Investments (inc property) are all about risk, and one way of reducing that is diversification. Those frozen pensions would have been spread over 100s of shares, bonds etc. You should think carefully before moving to a SIPP - they are for sophisticated investors who think they can do a better job choosing investments than a pension company. In your case (with the poor advice of an IFA) the whole lot was not only put in a single asset class, but with a single company too.

Sorry if I came across rather critical but I was shocked to hear an IFA would recommend that for somebody's life savings, and that it rung no alarm bells at the time.

Aegis has given you the info on the complaints procedure, a copy of which ought to be in your paperwork from the company when you signed up. Do dig out that initial paperwork, some things in it may become quite important in a complaints case - for example on your web site you say you were told it was low risk, that should be in writing in your paperwork and could be important.