Have you been mis-sold a hotel development pension investment?
Self Invested Personal Pensions (SIPPs) were designed to allow UK pension holders greater control over their pensions and the chance to grow their funds through investment. Unfortunately, however, many pension holders funds have ended up at risk as a result of mis-sold investments made via SIPPs, including a number of now-notorious hotel development investment scams.
Schemes under investigation by the Serious Fraud Squad
One of the most infamous examples of this sort of scam was The Resort Group, brought to light in 2016 by a BBC Panorama documentary investigating pension rip-offs. Harlequin Hotels and Resorts was the subject of another similarly high-profile case.
While operated by different companies, both scams (and other cases like these) have some striking features in common. Potential investors were lured in by slick sales pitches from expert salespeople who were set to earn a small fortune in commission – sometimes in excess of 15% of each individual investment.
They were offered the opportunity to get involved with the development of luxury resorts in exotic locations along with the chance to enjoy holidays mingling with the resorts’ glamorous clientele. Not to mention the impressive returns that were promised, well in excess of what one could hope to achieve from traditional investments – who could resist?
Sadly, these schemes ended in disaster. Many of the developments were never built, and the ones that were did not deliver anywhere near the supposedly guaranteed returns investors had been sold on. To make matters worse, many of the individuals pushing these schemes to pension holders were unregulated and unqualified, making recovering money even harder for the individuals who had fallen prey to their predatory sales tactics.
Huge numbers of cases like these are now being referred to the Financial Services Compensation Scheme (FSCS) and Harlequin is under investigation by the Serious Fraud Office (SFO).
Do you have a claim?
Have you been mis-sold a hotel development pension investment? If so, your next step is to speak to one of our expert advisors at Beat the Banks. We understand the distress a situation like this causes and we are committed to helping you recover your money.
Our team are very experienced in dealing with compensation cases against failed investment schemes and are ready to help you too. Call us on 0800 193 1234 for a free, no-obligation consultation.