A number of self-invested personal pension (SIPP) providers have stopped taking investments into Caribbean property fund Harlequin Properties according to its biggest UK distributor, after concerns about it were raised by a law firm.
Harlequin Properties invests in off-plan apartments and villas in the Caribbean with investors paying 30% of the price upfront, with the promise by Harlequin in its promotional literature of a guaranteed mortgage for the remaining 70%. However in an email seen by IFAonline, group operations manager at Tailormade Introducers Tracey Peden said a number of SIPP providers had suspended dealings with Harlequin. "Many SIPP providers have temporarily suspended anymore transactions to Harlequin due to spurious concerns raised by Regulatory Legal over the Harlequin Product. "We are in commu...
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