The Financial Conduct Authority (FCA) has advised investors to move forward with caution if they are considering the payment of money to any of the firms in the Harlequin group of companies.
The Harlequin group of companies are engaged in the development and distribution of overseas property investments and resorts.
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On 18 January 2013, the FCA issued an alert to financial advisers about investments in overseas properties bought through Harlequin Property. Since then, important developments have taken place:
– On 5 March 2013, the Serious Fraud Office (SFO) said it, together with Essex Police, was looking into complaints in relation to the Harlequin group. Investors who have invested in specific resorts are asked to contact the SFO. See a complete list of the resorts and how to contact the SFO.
– On 23 April 2013, Harlequin Property filed to enter administration. On 3 May 2013, Anthony Peter Davidson and Stephen Blandford Ryman, of Shipleys, were appointed joint administrators of Harlequin Property.
On 13 May 2013, Harlequin Hotels & Resorts approached investors to say that Harlequin Property (SVG) Limited is working with SIPP and SSAS providers on the completion of built properties at Buccament Bay Resort. It invites investors who are in a position to fund the balance outstanding of their investments or wish to relocate their investment from another Harlequin resort to the Buccament Bay Resort, to contact Harlequin Hotels & Resorts.
Harlequin Property (SVG) is not regulated by FCA and it is not a company incorporated in the UK. Harlequin Property (SVG) is based in St Vincent and the Grenadines.
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By GlobalDataIf anyone is considering investing in the Harlequin group, the FCA has urged them to proceed with caution and ensure that they fully understand the risks involved with the investment. "We recommend that you contact an appropriately qualified financial adviser and obtain legal advice from lawyers in the country where the property is located before proceeding with an investment in a company in the Harlequin group," said the FCA.
Harlequin Property is the trading name of Harlequin Management Services (South East) Limited. Harlequin Property is a UK-based overseas property sales agent that is not regulated by the FCA and is now in administration.
