SIPPs: Ombudsman finds against SIPP provider in landmark ruling

Financial Ombudsman ServiceThe Financial Ombudsman Service (FOS) has upheld a complaint made by an investor, in a ruling which could have wide ranging implications for other SIPP providers and investors. The FOS has ruled against Leicester based SIPP (Self-Invested Personal Pension) provider Berkeley Burke, following a complaint made by an investor into an unregulated biofuel investment scheme, Sustainable AgroEnergy, in 2011. Have you been mis-sold a SIPP investment?...

Harlequin Property update: Confusion over true valuation of Harlequin investments

Update Harlequin 150pxHarlequin investors have been left confused over the true value of their investment, after one SIPP (Self-Invested Personal Pension) provider took the decision to value investments in the beleaguered property firm at just £1. A letter sent by the Lifetime SIPP Company to investors, seen by Investment Sense, says: “As you may be aware the underlying assets purchased with monies raised by investors through Harlequin Property were overseas property developments. Some of the developments have not been completed on ...

Harlequin property update: Harlequin part company with Eleven Capital

Update Harlequin 150pxHarlequin, the beleaguered property investment group, has parted company with the firm charged with finding suitable finance to back the restructure of the group. Eleven Capital was instructed in April to research the finance options available to Harlequin as part of a wider restructure. During this process, James Cannon of Eleven Capital, met with investors at Harlequin’s Open Days, again in April to outline some of the options. According to a letter from Mr Cannon sent to investors on 31st May ...

Harlequin property update: Investors face up to forfeiting deposits

Update Harlequin 150pxAs the Harlequin Property saga rumbles on, new research reveals investors could potentially lose millions of pounds in forfeited deposits. Central to the Harlequin Property proposition was “guaranteed mortgage finance”, which would allow investors to complete their purchase, having put down a 30% deposit. “70% guaranteed mortgage” Many investors used their own savings to fund the deposit, some used their pensions having transferred to a SIPP (Self-Invested Personal Pension), whilst others borrowed money by remortgaging their home. We have even spoken ...