5th September 2017
More people may now have a claim for bad investment advice in relation to Harlequin investments, following a review by FSCS.
The Scheme is already paying claims against firms for negligent mortgage advice and pension switching where the underlying investment was in a Harlequin resort.
FSCS is now widening the net to include claims for negligent advice to invest directly in Harlequin after new evidence obtained through its recoveries action shows the products are likely to be unregulated collective investment schemes (UCIS). This means they are designated investments for regulatory purposes and qualify for FSCS protection.
This paves the way for more people who may have been mis-sold a Harlequin product by their financial adviser to make a claim for compensation.
Anyone who thinks they may have a valid claim should contact FSCS for more information.