SFO

A group of 16 MPs has pledged to support investors in failed scheme Arck in their fight to get redress from Yorkshire Bank.

Positive Solutions raised concerns with three clients about the advice to invest in Harlequin Property in 2010 after deeming the Caribbean property scheme to be too risky for a pension.

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.

The directors of the troubled £400m Caribbean property investment scheme run by Harlequin Property have been issued with a High Court order freezing their personal assets up to £1.1m.

Yorkshire Bank has "serious questions to answer" over failed property scheme Arck LLP - now under investigation by the Serious Fraud Office (SFO) - which left investors millions of pounds out of pocket, an MP has said.

The administrator of the sales arm of the troubled Harlequin Property group has racked up fees of more than £28,000 in its first ten days in the role.

The Public Interest Unit of the Insolvency Service is looking into the administration of the sales arm of Harlequin Property, IFAonline understands.

A group of Harlequin Property investors is seeking to agree a process with the company to facilitate the review of all investments through self-invested personal pensions (SIPPs) or those which have utilised a re-mortgage.

The Financial Ombudsman Service (FOS) has received a "small number" of complaints related to troubled overseas property sales agent Harlequin Property - though this could rise if a group of investors gets its way.

Harlequin Management Services (South East), which trades as Harlequin Property, has filed a notice of intention to appoint administrators at the High Court of Justice.