Clients of TailorMade Independent, which heavily promoted investment into Harlequin Property, are to be contacted by the Financial Services Compensation Scheme (FSCS) to investigate whether they should receive compensation.
TailorMade was a provider of SIPPs (Self-Invested Personal Pensions) and alternative investments, including Harlequin Property.
Clients of the firm have had a rough ride over the past 12 months. TailorMade varied its regulatory permissions earlier in the year, so it could no longer advise on new pensions and entered liquidation in October, leaving investors hugely concerned over the future of their pensions.
Since October, the FSCS has been investigating TailorMade and has urged clients to contact them if they believe they are entitled to compensation for the advice they received from the firm.
Quoted in Citywire, the FSCS said: “(The) FSCS is continuing its work to establish the extent to which it may be able to compensate customers of the company. As part of this work we have sent application forms to a small number of customers.” (Source: Citywire)
2013 has been a worrying and uncertain year for the 7,000 Harlequin Property investors, who have had to deal with delayed completions, an on-going battle in the Irish courts, cancelled interest payments from Harlequin, whilst assessing a proposed restructure of the group.