Revealed: Harlequin boss misleads investors about FSCS support for troubled trust

Laura Miller
clock

Harlequin chairman David Ames is misleading investors into thinking the Financial Services Compensation Scheme (FSCS) backs a controversial trust he is trying to use to rescue his troubled overseas property scheme - a claim the FSCS denies - information obtained from separate sources suggests.

In a conference call with about 70 Harlequin investors on 31 July, Ames said he and his legal team had met with the FSCS, that it supports the Harlequin trust, and that investors must join it or risk missing out on compensation, according to two sources who were in on the call, including one who kept a transcript. But when these claims were put to the FSCS, the consumer redress body said it had not advised any claimants on whether or not to join the Harlequin trust group. It added it does not have a view on the merits of the group, and prior to it being able to confirm its position in...

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

Advisers notice growing client demand for bespoke investments

Advisers notice growing client demand for bespoke investments

Want access to ETFs, investment trusts, equities, bonds and AIM shares

Isabel Baxter
clock 17 April 2025 • 2 min read
FCA outlines final CCI ruling timeline as it brings out second consultation

FCA outlines final CCI ruling timeline as it brings out second consultation

'Detailed engagement' to continue

Eve Maddock-Jones
clock 16 April 2025 • 3 min read
Talking with… Rathbones Asset Management's James Thomson

Talking with… Rathbones Asset Management's James Thomson

The series continues as Richard Romer-Lee chats to James Thomson

Richard Romer-Lee
clock 14 April 2025 • 4 min read