Harlequin advisers netted up to 15% in commission

Laura Miller
clock

Advisers and agents selling clients investments in Caribbean villas run by Harlequin Property received commissions of up to 15%, according to a lawyer close to the situation.

Gareth Fatchett of Regulatory Legal, which acts on behalf of more than 1,000 investors in Harlequin, said "master agents" were paid commissions of up to 15% of the total cost price of the villas clients invested in, with sub agents receiving 9% of that. IFAonline has seen a document from Harlequin circa August 2012 offering to pay its agents up to 9% of the sales price of the property. On a £100,000 property, advisers and agents being paid the full 15% netted £15,000 in commission, Fatchett said. However, as most investors only paid deposits of 30% on their properties, once the £15...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Investment

FCA launches consultation on private stock market

FCA launches consultation on private stock market

Move follows Mansion House commitment

Linus Uhlig
clock 17 December 2024 • 3 min read
Partner Insight: Is FOMO overruling investment basics?

Partner Insight: Is FOMO overruling investment basics?

In 2020 we introduced our bubbles chart showing how concentrated investors were in a particular theme. Four years on we look at what, if anything, has changed, and what it means for investors going forward.

Orbis Investments
clock 16 December 2024 • 3 min read
Special situations: How to spot a good management team

Special situations: How to spot a good management team

'We prefer management teams that are considered rather than overly promotional'

Henry Flockhart and Andy Gray
clock 10 December 2024 • 5 min read