Harlequin Property, a UK-based overseas property sales agent that is not regulated by the Financial Services Authority (FSA), is having "severe" problems issuing payments due under the terms of its agreement, with some investors having payments missed for the second consecutive month.
Thousands of investors have put money into the scheme run by Essex-based Harlequin, which has promised to build luxury villas in St Lucia, St Vincent, Barbados and the Dominican Republic. Under the terms of its agreements with investors, Harlequin pays the interest on borrowings where investors have re-mortgaged their homes to invest in a Harlequin property in the Caribbean. The interest is paid until the completion of the off-plan property the investor has invested in. Last month, IFAonline revealed that one investor, who did not want to be named, contacted Harlequin after the com...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
