Quilter Financial Planning has been told to pay compensation to a couple who invested their SIPP into the failed Harlequin property investment scheme.
The couple remortgaged their home with an interest-only loan to invest in off-plan developments in the Caribbean through Harlequin. Mr and Mrs H, as referred to by the Financial Ombudsman Service (FOS), sought advice from TBG Financial, an appointed representative of Quilter (previously Intrinsinc Financial Planning), about their self-invested-personal pension (SIPP). A TBG adviser recommended they invest in the Harlequin scheme. In 2009, the couple paid £29,000 deposit to Harlequin, £90,000 for their other investments and £100,000 to clear their existing mortgage. However, the Har...
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