The Resort Group
The Resort Group, or TRG, was first established back in 2007 by Rob Jarrett, a former financial adviser with the Prudential. Headquartered in Gibraltar, and therefore out-with the scope of the UK regulators, they have now completed a number of luxury hotels in Cape Verde. They boast of partnerships with the likes of the Melia Hotels International and Hilton Worldwide. It is fair to say that, on occasion, they have hit the headlines – and for all the wrong reasons.
Following the collapse of the UK financial market in 2008, TRG urgently needed to find a sustainable model to raise development funding. Financial advisers in the UK were targeted to sell TRG investments to their clients via the transfer of perfectly safe and performing pensions into SIPPs, with the promise of mind-blowing returns of up to 10%. It is a pity that these financial advisers and mortgage brokers were not decent enough to disclose the huge level of commission this shameful advice earned them.
We also now know that The Resort Group owned and operated a call centre in Derby called Lifetime Connections. Their sole purpose was cold calling to offer pension advice. The leads generated were then in turn passed on to First Review Pension Services for a “free pension review.” Victims were completely unaware that the advisers were unregulated and picking up a whopping 7% commission on sales. Perhaps unsurprisingly this business was also owned by TRG. Both companies have since been struck-off.
The Resort Group have been the subject of investigations by the BBC Panorama programme and BBC Radio 4’s You and Yours. A number of “false and unfounded accusations” were subsequently retracted.
Unfortunately, investors continue to be hit by less than promised returns and illiquid investments that cannot be encased. Finally, in August 2017, the FCA, through its unauthorised business team, started issuing questionnaires to The Resort Group’s Cape Verde investors.
If you have lost money by investing in TRG, you may be entitled to compensation, but you need to act as soon as possible as time limitations can unfortunately apply.